Prayagraj property registrations record spurt after pandemic
Following two years of slowdown caused by the pandemic, things seem to be heading towards normality - at least in the realty sector - at a pretty brisk clip, if the number of property registrations in various tehsil offices of the district are any indication.
In the nine assistant registrar offices of the district, as compared to 1,960 registries that took place in May 2021, a whopping 5,513 registries were done in May this year. Interestingly, there were more than 100 individuals who registered properties worth ₹1 crore or more, a scrutiny of the updated data of these offices revealed.
Impacted by the pandemic, last year, the government had received revenue worth over ₹16.13 crore from 1,960 registrations in nine offices in May, district administration officials aware of the development said. This time round, revenue of around ₹57 crore has been received, they added.
Officials also said that in the last two years of the pandemic, properties worth over ₹1 crore were not bought or sold. During this period, properties worth around ₹50 to 70 lakh only exchanged hands.
In contrast to this, in the first five months of 2022, every month, around 10 to 15 people got the deed of property registered worth over ₹1 crore. In April and May, 235 people got properties worth over ₹1 crore registered in the nine offices of Prayagraj. The maximum registration was done in Karchhana tehsil, shows the data.
“It is true that this year the number of house and land registrations have registered a steep rise. If seen in May 2022 itself, these numbers have increased almost three times as compared to the same time last year which also helps in increasing the revenue to the state exchequer,” said additional inspector general, stamps, PN Singh.
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