Number of registration of flats comes down drastically, but volume increases

Patna,(BiharTimes): The registration of apartments in Patna has come down drastically in the last couple of years. Buyers are now investing in the National Capital Region (NCR) of Delhi and other metros like Bangalore and Pune where prices of apartments is still lower than that in Bihar’s capital. Besides, while civic amenities in those cities are much better than Patna, where all norms and rules are being thrown into the winds by the builders.

Besides, the officials maintain that the state government’s plan to make deeds of property registration available on the net from next year is also acting as a major deterrent for the investors in real estate. They also said the transparency factor integrated in purchase of property of more than Rs 30 lakh is another issue that has discouraged rich people from buying houses in and around the state capital. The registration department is also looking to revise the minimum value register (MVR) rate of some localities, where it has been found to be much lower than the market price.

Though the number of registration of apartments has come down land rates in Bihar still continue to soar. This is the one reason why the volume of revenue collected by the registration department in lieu of sale of land and apartments has registered a big growth in comparison to the same in corresponding period last year.

According to the statistics of the registration department, the state had earned Rs 653.51 crore as revenue from the sale and purchase of land and apartments till July 2012, which is up by Rs 219.22 crore from what was collected during the same period in 2010-11.

The hike in revenue collection of the department is being officially attributed to the sale of land in urban areas, especially Patna.

Buoyed by the achievement, the registration department hopes to net Rs 2,000 crore as revenue from sale and purchase of land and property by the end of this fiscal.

Last year the department had collected Rs 1,610.36 crore revenue for the state.




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