Pune: Though the processing of documents fell by 5000 as compared to the previous year, the revenue collected crossed Rs.1087 crore. With 23, 13,484 documents processed, revenue of Rs. 14,500 crore was collected for the year 2011-2012. The scenario differed for the previous year with 23, 18,618 document processing generating a revenue of Rs.13, 413 crore.
The increasing property rate is pointed out to be the reason of high revenue inflow despite of processing lesser documents. Hikes in property rates have been discouraging buyers from investing in them. People prefer investing in gold, leaving little funds for property investment. The reason for the fall in property registration in the year 2011-2012 is indicative of the soaring property prices.
The stamp duty and registration charges are calculated on the basis of the prevailing market value of a property in that particular locality. The rates shot up by 30% in Pune since the beginning of 2012.
Buyers have to pay increased registration charges due to the soaring property prices. At present 5% of the deal value is paid to the government as registration fees. With the introduction of online payment facility purchasers can now directly pay bulk stamp duty expenses and the registration fees.
The real estate scenario is expected to show signs of positivity in the upcoming year for prospective buyers.