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The district stamp and registration department in Indore has witnessed an increment of around 10% in the property registration figures, as the demand for homes in the affordable housing sector continues to rise. However, a shortfall of around INR 200 crore is expected to hit the local office, which has set a target of INR 1340 crore. The local stamp and registration department, in the present year, has witnessed that the number of property registrations has increased, and it has crossed the 95,000 mark. As five days are still remaining, it is likely that the figure for registration cross 1 lakh. This is the first time that the figure will be crossing the is level. A senior district registrar stated that they have already collected INR 1090 crore, and it is evident that the rate of property registration is increasing. This is a positive sign for the real estate industry, as the developers are launching new projects and adhering to the norms of the industry.
The last week of the financial year had witnessed a rush at the registration office. A large number of property developers are turning up to get them registered and by March 31, it is expected that the total revenue collected will exceed INR 1100 crore. According to the president of CREDAI, Indore, the affordable housing segment continues to grow at a fast pace. Besides, a subsidy of INR 2.60 lakhs is available to the eligible buyers under the CLSS (Credit-linked subsidy scheme). From April 11, a considerable deduction on the GST on affordable homes and under-construction projects will be available. As a result, the demand for properties on these particular segments is likely to increase.
The real estate developers are aware of the increasing demands in these segments of the real estate industry. They are now focusing on plots and homes that come within the range of INR 6 lakhs and INR 40 lakhs. The government has aimed to ensure housing for all the people in India by 2022. Evidently, it has rolled out a number of schemes for the developers as well as the buyers. The business conditions in the real estate segment seem to be lucrative. For the next three to four years, these measures will help in maintaining a positive sentiment among the players in the real estate sector.
It should be noted that the demand for residential and commercial real estate has been increasing all over the country. Particularly, this is evident in the major cities. For investors, this is a good time to buy real estate in India, as the prices are likely to rise in the coming years. With the property registrations increasing, new launches are likely to take place in the coming months. Have a look at the new properties in India in the real estate portals and make the purchase.
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