In what can be seen as a positive sign for the realty sector in Gujarat, property worth Rs 773.63 crore was registered in Gujarat over the past six months.
Amid the coronavirus pandemic, between April 24 and October 20, more than 4.76 lakh documents were registered and the money paid through e-payment, stated a list issued by the Office of the Registrar General.
CREDAI Chairman Jaxay Shah said, “If the government reduces stamp duty in the State, which is currently 4.9 percent, then the figures can be doubled.”
Agreeing with him, President of National Real Estate Development Council (Gujarat) Suresh Patel said, “E-payment figures show positive sign for the realty sector in Gujarat because demand in the residential segment is increasing. This figure may also include commercial, resale and land deals.
However, if the Gujarat government reduces the stamp duty, it can improve the sentiments of the buyers here and increase government’s income. Maharashtra government reduced stamp duty which helped in boosting property sales in Pune.”