Prop­erty reg­is­tra­tion dips in Ma­ha­rash­tra

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Hindustan Times ST (Mumbai) - Live - - FRONT PAGE - Nachiket Kelkar

MUMBAI: De­mon­eti­sa­tion, a move which led to scrap­ping of Rs500 and Rs1,000 notes, seems to have hit the real es­tate sec­tor in Ma­ha­rash­tra hard.

In the past two months, the reg­is­tra­tion of res­i­den­tial prop­er­ties has dropped by al­most 40%. “The num­ber of reg­is­tra­tions has dipped to 5,700 in De­cem­ber, from the ear­lier av­er­age of 8,000 a day,” N Ra­maswamy, in­spec­tor gen­eral of reg­is­tra­tions and con­troller of stamps, Ma­ha­rash­tra, told HT, with­out elab­o­rat­ing on the Experts say the up­com­ing im­ple­men­ta­tion of the Real Es­tate Reg­u­la­tion and De­vel­op­ment Act and crack­down on be­nami prop­er­ties will fur­ther af­fect the sec­tor. rea­sons. Peo­ple who buy houses tend to break the to­tal amount into a cash and cheque — higher the cash, lower is the value of the agree­ment and the stamp duty.

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