Real Estate Market Starts Picking up in Ludhiana

The real estate market has started picking up in Ludhiana, which is the largest district in the state in terms of area and population, if the revenue collection is any indication. The district has achieved 24 per cent revenue collection, a key indicator of market tren

BY Realty Plus
Published - Friday, 27 Aug, 2021

Real Estate Market Starts Picking up in Ludhiana

The real estate market has started picking up in Ludhiana, which is the largest district in the state in terms of area and population, if the revenue collection is any indication. The district has achieved 24 per cent revenue collection, a key indicator of market trend, in the first quarter of this fiscal, the administration has confirmed. The development assumes significance as the real estate market had suffered a major setback due to the second Covid wave, which had caused maximum loss to Ludhiana in terms of deaths and infections. The official figures compiled by the district administration revealed that Rs 93,53,50,241 stamp duty was collected from the registration of 18,176 documents in the district from April 1 to June 30. Sharing details, Deputy Commissioner Varinder Kumar Sharma told that the district had fixed Rs 400 crore as the target of stamp duty collection for this financial year, which is 5.54 per cent more than the previous fiscal’s target of Rs 379 crore. In 2020-21, the district could achieve 85 per cent target with the collection of Rs 320,42,70,163 from the registration of 67,536 documents from April 1, 2020, to March 31, 2021. The last fiscal’s collection was Rs 3,71,69,405, which accounted for 1.15 per cent, less than Rs 324,14,39,568 revenue earned from the registration of 74,251 documents in 2019-20. Divulging the revenue court management system in the district, the DC disclosed that all 35 revenue courts are presently operational in the district, on the portal of which 4,013 cases have so far been uploaded. Referring to the national generic document registration system (NGDRS), the Deputy Commissioner has demanded an increase in the availability of online appointment slots in Super-A category in the sub-registrar offices across the district for ensuring better service to the public.