The debate over whether the ongoing economic recession has affected the property market in Pune and Pimpri-Chinchwad can now be put to rest. Figures from the sub-registrar's office show that property dealings in the city have taken a severe beating in the last three months.The number of documents registered with the sub-registrar's office fell by an average of 3,130 per month in the period between September to November 2008, as compared to the figures last year during the corresponding months.
The loss is reflected in the collections too, as the office has been able to meet only 43.93 per cent of its annual collection target set for the financial year.
There are 20 sub-registrar offices in Haveli taluka, which comprises Pune city and Pimpri-Chinchwad. Various documents related to properties including wills, the renting and leasing of properties, selling of land and flats, mortgage of property, nomination as owner of the property and others are registered with the offices, which are governed by the Inspector General of Registration (IGR), Pune office.
Assistant manager, IGR, Pune, C B Murkunde, who also holds additional charge as the joint district registrar and collector of stamps, told TOI that the number of documents registered every month has taken a nosedive over the last three months.
According to Murkunde, there has been a drastic drop of around Rs 12 crore in revenue collected in November 2008 as compared to the revenue collected last year. "In November 2007, we collected a revenue of Rs 72.36 crore, while this year the office has collected a revenue of Rs 60.75 crore," he said.
Last year, the IGR office was able to cross the set annual revenue target. Last year's annual revenue stood at Rs 1,407.92 crore as against the revenue target of Rs 1,320 crore, he said. "The annual revenue target set for the Pune IGR office for the year 2008-2009 stands at Rs 1,995 crore. So far, we have been able to collect only Rs 876.57 crore, that is, 43.93 per cent of the target amount," he said.
"By November end, we were expected to achieve at least 65.76 per cent of the set target. This shows that there has been a shortfall of around 21 per cent in expected revenue collection this year," Murkunde said.
Siddharth Gaikwad, TNN
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