Real Estate market picking up in Ludhiana district

The real estate market is beginning to pick up in Ludhiana. Ludhiana is the largest district in terms of area and population in the state. It has achieved 24% revenue collection, which is a key indicator of market trend, in the first quarter of this fiscal, as confirmed by the administration.

The development determines significance; the real estate market has endured a major setback due to the 2nd Covid wave causing a maximum loss to Ludhiana in terms of deaths and infections.

The official figures compiled by the district administration revealed that Rs 93,53,50,241 stamp duty was received from the registration of 18,176 documents in the district, dated – April 1 to June 30.

Deputy Commissioner Varinder Kumar Sharma said on Tuesday that ‘The district had fixed Rs 400 crore as the target of stamp duty collection for this financial year, which is 5.54% more than the previous fiscal’s target of Rs 379 crore’

From April 1, 2020, to March 31, 2021 in the years 2020-21, the district was said to achieve 85% target with the collection of Rs 320,42,70,163 from the registration of 67,536 documents.

The last fiscal’s collection was Rs 3,71,69,405, accounting for 1.15% which is less than Rs 324,14,39,568 revenue earned from the registration of 74,251 documents in 2019-20.

As referred to in the national generic document registration system (NGDRS), the Deputy Commissioner has demanded an increase in the availability of online appointment slots in Super-A category in the sub-registrar offices across the district for ensuring better service to the public.

Publishing the revenue court management system in the district, the DC revealed that all 35 revenue courts are currently operating in the district, on the portal of which 4,013 cases have been uploaded so far.

In central Ludhiana, the normal appointments were formulated to be raised from 110 to 125 and tatkal from the present 7 to 10, with which the total authorizations will go up from present 117 to 135 appointments.

The proposal for Ludhiana (West) mandated an increase of normal appointments existing 115 to 150 and tatkal from 7 to 25, with which the total appointments will go up from present 122 to 175.

The Chief Secretary, while taking stock of the NGDRS in the district, assuring consideration of the demands raised by the DC as per rules and in the larger interest of the public.

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