Mohali’s Realty Flourishing, Rs 233 Crore Collected as Stamp Duty
Despite the pandemic, the real estate sector in Mohali district witnessed a major boost as the revenue department collected Rs 233 crore in stamp duty between April and June against the target of Rs 232 crore. Stamp duty is collected on registration of properties.
Mohali city had the highest collection of Rs114.99 crore in the first quarter of the 2021-22 fiscal, against the target of Rs 112.83 crore. Deputy commissioner Girish Dayalan said that, “For the 2020-21 fiscal, the revenue department had collected Rs 895 crore in stamp duty, which was the highest in the state.”
In April this year, Greater Mohali Area Development Authority (GMADA) saw nearly 25 % of its properties, both commercial and institutional sites, finding buyers via e-auction. As many as 11 of the 44 sites on auction were sold and the authority earned Rs 301 crore against the total reserve price of Rs 452 crore. In the auction held in February, GMADA earned Rs 544 crore against Rs 794 crore and in December last year, only 10 of 78 properties were sold for Rs 134 crore.