Ahmedabad: A steep fall in the sales deed registration has been recorded in Ahmedabad as compared to the previous year. With the onset of global economic slowdown a decline in the property sales deed has been observed across the city. This is a fall of around 20%, though this figure is not uniform for the rest of the city. Ranging from 10-55%, different records of registration decline has been noted.
Last year areas like Ranip saw an increase in property sales due to the launch of many affordable properties and projects. Therefore this area has not been much affected by the dip. But this year the scenario is somewhat unfavorable for sales deed registration.
Higher interest rate is also been attributed as a reason for the decline. Though revenue from sales deed registration seems to have gone down, the state revenue from stamp duty collection is showing a significant rise. If measures are taken to control the soaring property prices, then the sales deed registration will reach the desired target within the given deadline.