40 per cent decline in property registration
The number of land registrations has dropped significantly in the Patna district since the demonetisation of old Rs500 and Rs1000 notes on November 8. Data from the registry office reveal almost 40% decline in the number of registrations of immovable properties in November, compared to the corresponding month last year.
In Barh, only 378 properties were registered last month, compared to 620 in November 2015. Similarly, a sharp fall was registered in Masaurhi with 349 less registrations in November compared to the previous year. In Bikram, too, 670 immovable properties were registered in November last year compared to 380 this year. Somewhat similar was the condition in Phulwarisharif where 380 properties were registered this November against last year’s 851.
“The drastic fall in the number of registrations is mainly because of cash crunch. With little or no money in hand, how can people purchase property? Also, the actual money paid is always higher than the amount indicated in the minimum value register (MVR) fixed by the government and the extra amount is always paid in cash. It is not feasible to purchase immovable property right now,” said a district administration official.