In June, property registrations across the state rose to 1.6 lakh, showing a significant recovery from 1,000 in April and 43,000 in May. There was a slow but steady revival of registrations in June in all the districts, especially in Mumbai and Pune.More than 2.1 lakh documents were registered for the first quarter this financial year, but they fell by 75% when compared to last year’s nearly 8.1 lakh documents.Revenue collection of Rs 1,613.9 crore from April to June too plunged by 78%, data provided by the property registration department showed. Last year, during the same period, the collection was Rs 7,501 crore.

      By July-end, property buyers will be able to register their agreements online in the builder’s office itself, without travelling to the sub-registrar’s office. The software, which is awaiting clearance from the government-notified cyber security agency, will not only create digital infrastructure to enable all developers to register sale agreements, but also reduce footfalls at the property registration offices.

Source - ETrealty.com 2nd July 2020