A MONTH after demonetisation, business in the real estate sector remains far from normal, with land and property registrations showing a significant decline since notes of higher denomination were withdrawn from circulation. According to data from the office of the Inspector General of Stamp Duty and Registration (IGR), registration of new documents has dropped by 36 per cent since the scrapping of Rs 500 and Rs 1,000 notes.
The data revealed that till November 8, 2016, 7,700 documents were registered in Maharashtra on a daily basis, on an average. Now, only 4,900 documents — pertaining to the sale deed or lease deed of land or property — are being registered on a daily basis.
Daily stamp duty collections have also declined from Rs 58.3 crore, before November 8, to Rs 56 crore in the last one month. Incidentally, while the IGR’s office had reported stamp duty collection worth Rs 1,446 crore in November 2015, the collection amount for November 2016 is Rs 1,305 crore.
Source: Indian Express