The
Punjab government's ambitious plan to mop up Rs. 2, 760 crore in the
current financial year from stamp duty and registration fee is going
to be an uphill task in view of the slowdown in the real estate
sector. According to real estate professionals, buyers are yet to
enter the market despite that fact that property rates have undergone
a correction to the tune of 10-30%, depending on the location.
Property in India prices are seeing a downward trend in Punjab and while some might see it as a correction, there are also those who see in it the burst of the realty bubble. Experts feel that the bubble was just waiting to burst in Punjab, as property traders had pushed it to unequalled limits. Even in areas such as Zirakpur, Derabassi, Kharar, among others, in the area of Chandigarh, the dream home had abide just a dream for the common man, and as the real buyer was missing from the scene, the business had to crash. Real estate dealers in Amritsar, Bathinda, Mohali and Sangrur, said there had been a flop in property prices.
According to senior officers of the state government of Chandigarh, due to a downturn in property prices, the state government's investment had also been overblown. According to the latest data, due to a slowdown in the real estate market, the possibilities of meeting the bench mark of investments focus in the latest fiscal year would be unique.
This year, the state is focusing on just a 10% increase in its stamp and registration revenue - at Rs 2,760 crore. Currently, the stamp duty in Punjab is 6 per cent for men and 5 per cent for women. While the registration fee is at 1 per cent .
