Property registration up by 10% in Indore
District stamp and registrar department has witnessed a surge of around 10 per cent in number of property registrations due to increasing demands in affordable housing segment. Still, local office is expected to fall short of around Rs 200 crore from its annual target of Rs 1340 crore.
This financial year, local stamp and registrar department has witnessed number of property registrations crossing the 95,000 mark and with still five days remaining, the figure is expected to cross one lakh for the first time.
According to Confederation of Real Estate Developers of India (CREDAI) Indore chapter president Naveen Mehta, affordable housing segment is continuing to flourish and one of the major reasons is stated to be eligible buyers getting subsidy up to Rs 2.60 lakh under Credit-Linked Subsidy Scheme (CLSS). Besides, a considerable deduction in GST on affordable and under-construction residential property, which will be applied from April 1, is believed to further increase the demand in this segment.