Bengaluru: If the metropolis’s actual estate business took a massive hit due to the question mark over heaps of homes built on tanks and raja Kalu VES, these days the disaster is a long way worse – the demonetisation of high price currency has now not best-left ability consumers cashless, masses of excessive-rises now remain unsold, leaving the Branch of Stamps and Registration, poorer by way of thousands of crores in revenue.
Whilst over the last financial yr, as many as 2,17,000 homes were registered, this yr that variety stands at 2,08000, as of Thursday.
Branch of Stamps and Registration, which had netted sales of Rs 2,551 crore a final year, has earned Rs a hundred crore much less – most effective Rs 2,406 crore this year.
“It’s been a terrible year for the Department of Stamps and Registration for various motives and demonetisation ought to get worse it,” stated Branch officers.
With Bengaluru contributing extremely to the Branch’s sales, it’s believed it is able to locate it difficult to obtain the goal set, not to mention surpass it given the present day forex crisis.
A clear photo is expected to emerge after next week,” stated officers. Upcoming condominium complexes might get strengthen bookings, however now there aren’t any takers, no matter huge reductions main to non-sale of many finished projects, stated industry insiders Page Design Pro.
it is feared the foreign money crisis coming near at the heels of the recent demolition pressure has left searching for what you offer cautious, and caused a dip in the registration of latest homes via around 10 to 20 consistent with cent, could get worse matters for the sector. “Over 6,000 new houses had been registered each day at some point of the best times however now most effective around four,000 to four,500 are registered in particular because of people’s fears over being taken for a journey through realtors. And now registration has taken a further hit this month, after the foreign money crunch,” stated an officer, adding, ” If there may be an in addition dip in registrations it’ll be a massive blow to Department and it may locate it tough to meet the target constant through the authorities for 2016-17. In fact, the footfalls in the places of work of sub-registrars throughout the metropolis have decreased substantially, giving a demonstration of factors to come back.”