Property registration dips in Maharashtra

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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.