Despite slowdown, property business booms in Chattisgarh

Chattisgarh: Though the real estate markets condition is worst but still Chattisgarh has a boom in property business in this fiscal year1.
According to senior official of finance department “Stamp duty and registration fee on land transactions has generated the revenue of Rs.800cr to state government, and current the size of real estate industry in Chattisgarh has grown to over Rs.11K Cr.” He added that in the financial year 2010-11 stamp duty and registration fee in state was 8 per cent though there was exemption of two per cent for women.
Government department has got the revenue more than the expectation as department has set the target of Rs.650Cr. for the fiscal year 2010-11; where as revenue collected was Rs.800Cr. As per the financial department official despite the downtrend in property market Chattisgarh has seen the 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.