Realty Sector Slowdown May Affect Duty Collections in Punjab

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 .

Get The Advantages of Booming Real Estate Industry

India's population is expected to be 1.3 billion in nearby year 2020. the demand for property for sale in India is surely going to enlarge. To supply the demand, developers started any plan in India. Recently, affordable homes became popular because apartments are preferred by more people rather than bungalows. They are easy to maintain and inexpensive, before the need of big houses like villas and bungalows in India is preferred because families in India preferred to live in joint families. 

 

While home buyers are keen to get a good deal of their money, they fail check if the company they are dealing with is authorized or not. Recently, the residents of a posh locality in India were issued a notice by the government authorities to vacate their flats on account of illegal construction.

Property developers in India were already alert about this problem, so they came up with a solution that can confidently address this situation, it was built to suit facility where in, the companies has an choice choose amenities that meets their key needs, in other words the project is customized as per the design and description as seek by the companies.

Investing your money in commercial properties these days is becoming more and more profit of the day for the realtor's. Its for a easy reason, by investing in commercial property investors are interested at an advantage position its just because on one hand its highly revenue and on the other hand realtor's think that the time period for the return on investment is surely guaranteed, Aside from the overhead stated reason investors can presume timely return on investments.