Huge fall in flat registration in 2008-09

29/06/2009

Huge fall in flat registration in 2008-09

Patna, (Bihar Times): Thanks to the rise in the registration rates Patna witnessed a huge fall in the number of flats registered in the year 2008-09.

According to available figure only 3,212 flats were registered in Patna and its suburb during last year. The number has come down by 8,137 from 2007-08. A record number of 11,349 flats were registered in that year.

However, those dealing in the real estate business do not attribute this huge fall to recession. Officials are of the view that this huge fall in the registration is due to the rise in rates. In 2007-08 the state government earned Rs 95 crore by way of registration but the following year it could earn only Rs 38 crore.

In 2007-08 the earning was high because the urban development department in coordination with the registration department launched a campaign to encourage registration and even impose fines.

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