Pune and Pimpri-Chinchwad See Surge in Property Sales, Generate Rs 6,500 Crore Revenue in Financial Year 2022-23
Pune: The citizens of Pune and Pimpri-Chinchwad have turned their attention towards buying and selling properties after the Covid-19 pandemic. The government treasury has accumulated nearly Rs 6,500 crores of revenue in the current financial year from these cities alone.
This information has come to light in the review conducted by the Registration and Stamp Duty Department for the current financial year. The current month (March) alone has witnessed revenue of Rs 657 crores.
The Registration and Stamp Duty Department has recorded an increase in the purchase and sale of properties in Pune and Pimpri-Chinchwad due to various factors such as the planned international airport, metro project, and two circular roads at Purandar, along with ambitious projects in the information and technology sector, industry, and employment guarantee.
In the current financial year, from 1st April 2022 till now, more than 2.5 lakh cases have been registered in Pune and Pimpri-Chinchwad, generating a revenue of Rs 6,500 crores. From April to November 2022, 1,70,162 records were registered, and the government earned a revenue of Rs 4271.75 crores from them.
In December 2022, 24,234 records were registered, and the revenue generated was Rs 799.68 crores. In January 2023, 23,957 entries were registered, and a revenue of Rs 651.21 crores was received. The state government had set a revenue target of Rs 5,880 crores for Pune and Pimpri-Chinchwad cities in the current financial year, which has been surpassed by the Registration and Stamp Duty Department.
However, the state government employees went on strike from 14th March to 21st March, resulting in some of the 27 secondary registrar offices in Pune and Pimpri-Chinchwad cities stopping work and affecting registration. Additionally, new current market rates (ready reckoner) apply from 1st April every year, leading to a rush for registration in March. This year, between 1st and 24th March, 19,289 entries were registered, and a revenue of Rs 657 crore 18 lakh 54 thousand was received.
By Mubarak Ansari
Founder & CEO, Punekarnews
