Despite slow-down in the market, real estate business in Chhattisgarh has seen a boom in the financial year.
With the state government collecting revenue of Rs 800 crore from stamp duty and registration fee on land transactions, the size of real estate industry has grown to over Rs 11,000 crore in Chhattisgarh.
A senior official with the finance department told Business Standard that the size of the industry has been estimated on the basis of revenue collected at par with the rate of fee. The stamp duty and registration fee in state was 8 per cent in fiscal 2010-11 while there was exemption of two per cent for women.
Since the government had collected Rs 800 crore in the financial year 2010-11 at the rate of eight and six per cent (for women), it is estimated that the land transaction worth about Rs 11,500 crore had taken place, the official said.
The government had set a target of Rs 650 crore for the financial year 2010-11. But the revenue collected was about Rs 800 crore, an increase of about Rs 150 crore. The department official said despite slow-down in the market, real estate business in the state recorded unexpected growth. The stamp duty and registration fee has been increased by 20 per cent from 1 April, 2011. This prompted most of the land buyers to execute the land registration before 31 March.
