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« Middle-class off DDA radar for now | Home | Rajasthan government mulls sewage treatment plants for big housing projects »

Gurgaon sees 30% rise in stamp duty collection

GURGAON: There could have been some slowdown in property transactions across the country in 2011 with people preferring to invest in gold, but Gurgaon was not affected. Rather the stamp duty collection in the district registered an increase of at least 30% in 2011 in comparison to the previous year.

Moreover, at least 40% of Haryana’s total revenue from property transaction came from Gurgaon tehsil itself. The data compiled by TOI shows that in 2011 while about Rs 2,446 crore was collected from all over the state, in Gurgaon tehsil, it was Rs 1,072 crore. While the neighbouring district of Sonipat generated only Rs 226.97 crore last year, Panchkula – which is seen as the future capital of Haryana – collected a mere Rs 112 crore. Gurgaon as a district had over 45% share of the state’s total exchequer from property transactions last year.

There are four tehsils in the district including Gurgaon. While revenue collection from property transactions in the 2010 calendar year was Rs 829.4 crore, in 2011 it was Rs 1,128 crore. The comparison of numbers of transactions also point to significant increase in the number of conveyance and sale deeds last year vis-a-vis 2010. These two remain the major drivers of property transactions in the district.

A deed of conveyance is the manner by which title to real property is transferred to new ownership. Similarly, a sale deed acts as the main legal document for evidencing sale and transfer of ownership of property in favour of the buyer, from the seller. Details of stamp duty and sale fee collection from all the four tehsils in the district also show how Gurgaon contributed to the 95% of the total revenue from property transactions.

“The property transaction has never been hit adversely in Gurgaon since the real estate boom started. People looking for houses and for investment in real estate are buying and selling properties. So, you have same properties being bought again and resold. There is a significant number of end users buying housing properties and it will continue,” said a revenue department official.

He added that though Gurgaon generates the maximum revenue, a major portion of the collected amount goes to the state’s kitty and it’s the discretion of government how ton utilize the fund. Real estate consultants feel that the boom will continue with more housing projects coming up in the new sectors.

Source: http://timesofindia.indiatimes.com/city/gurgaon/Gurgaon-sees-30-rise-in-stamp-duty-collection/articleshow/11644828.cms

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