With the imminent jantri hike to take effect onwards April 15, Ahmedabad realtors report a flurry of property deals from March 1 to March 31. Scores of realty registrations were recorded mainly in sub-registrar offices in Sola, Sanand, Naroda and Nikol that are part of the 22 sub-registrar offices in Ahmedabad district.
Interestingly, registrations in the western areas far outweigh that in the eastern parts. However, Naroda and Nikol (both in the eastern zone) sub-registrar offices have defied all patterns in the number of deeds registered during March.
In the western parts, Sola and Sanand sub registrar offices are stealing the show with some remarkable transactions. The Sola office covers Ognaj, Gota, Chainpur, Chharodi, Jagatpur, Tragad, Bhadaj, Sola and Chandlodia, among others. These have seen as many as 3,413 property transactions, with a stamp duty collection of about Rs 50 crore.
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In the Sanand office, 3,404 transactions were registered in March, with stamp duty collection of Rs 53.50 crore. There are some 68 villages under the Sanand sub registrar office. Of these, areas like Shela, Sanathal, Telav, Kolat, Moti Devti, Nani Devti, Godhavi, Manipur, Chekhla, Nidharad, Kaneti, Modasar, Goraj, Pimpan, Kundal, Rethal, Lekhamba are have recorded an overwhelming number of realty transactions, shared a source in the sub-registrar office.
In March 2022, the Sanand office notched Rs 35.75 crore income from stamp duty and registration charges, translating into a 50% rise in stamp duty collection during the month.
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Stamp duty and registration charges collectively account for 5.9% of the total value of a property with clear title. From the perspective of the revenue collections till date, transactions to the tune of about Rs 900 crore have taken already place in March alone this year.
According to real estate strategy consultant Nagendra Rathore: “Earlier, the Gujarat government announced jantri revision with a 100% hike with immediate effect from February 5. This was later deferred by two months to April 15. Therefore, many developers, potential investors and end users in the western part started closing their deals to take advantage of lower stamp duty compared to what they will have to pay after April 15.”
Avnish Kothari, an advocate in revenue and land matters, pointed out the stretch between Kalol to Kadi is becoming popular for investment, while areas in Sanand are mostly preferred by end-users.
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