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The real estate industry in Ludhiana has started gaining momentum. In terms of population and area, this happens to be the largest district in Punjab. Statistics reveal that in Ludhiana, the revenue collection has hit 24%. This is a prime indicator of the real estate market in the first fiscal quarter. This is a positive development as far as real estate is concerned, as it indicates a recovery of the industry following the second wave of the pandemic. In terms of infections and deaths, this had inflicted the maximum loss to the district.
As per the information registered by the district administration, a stamp duty of INR 93,53,50,241 has already been collected. As many as 18,176 documents have been registered in the district between 1st April and 30th June.
While sharing these details, the Deputy Commissioner stated that Ludhiana had targeted to obtain INR 400 crore as stamp duty for the particular financial year. This is around 5.54% greater than the target of the last fiscal, which is INR 379 crore.
Incidentally, it should be mentioned that Ludhiana achieved around 85% of its target in 2020-21. Around 67,536 documents were registered between 1st April and 31st March, which helped the authorities collect INR Rs 320,42,70,163. The collection in the last fiscal was INR 3,71,69,405, which forms around 1.15% less than the revenue of INR 324,14,39,568 generated in 2019-20, when 74,251 documents were registered.
The DC also stated that in the district, presently 35 revenue courts are working. So far, 4,013 cases have been uploaded. The Deputy Commissioner referred to the NGDRS (National Generic Document Registration System) and wanted an increment in the number of slots for online appointments in the sub-registrar offices (Super-A category). This would assure better service for the homebuyers. Altogether, the real estate market in Ludhiana looks to be in good health.
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