PUNE: As per the Office of the Inspector General of Registration and Controller of Stamps, a total of 1,223 properties were registered in Pune Municipal Corporation (PMC) and Pimpri Chinhwad Municipal Corporation (PCMC) on the occassion of Akshaya Tritiya (May 7). A total of 1,155 properties got registered last year on the same occasion (April 18, 2018).

There was a marginal increase in the the number of registrations of properties over a period of one year. However, this data does not include e-registration.

Members of the Confederation of Real Estate Developers Associations of India (CREDAI) feel that real estate market is on the way to revival. However, they mention simplification of Goods and Service Tax (GST) and implementation of Maharashtra Real Estate Regulatory Authority (MahaRERA) as the reason for the revival.

Suhas Merchant, President, CREDAI, Pune Metro, said, “The real estate market is reviving and will gradually pick up speed. The recent simplification of GST and implementation of MahaRERA have given confidence to the buyers to invest. However, currently, there is more demand for affordable and compact size apartments.”

“Pune is one of the best cities in India and it is now preferred for real estate investment. The prices have been reasonable and there is excellent demand due to growing IT sector. Now, with the simplification of GST and the implentation of MahaRERA, it has left a positive impact on the buyers. This ensures that real estate is on the way to revival,” said Shantilal Kataria, Vice-President, CREDAI, National.

THE FIGURES
- 1,223 properties were registered in Pune and Pimpri Chinhwad  on Akshaya Tritiya (May 7).
- 1,155 properties got registered last year on the same occasion (April 18, 2018).