BHOPAL: On March 31, registration offices at ISBT and Pari Bazaar experienced an overwhelming influx of buyers racing to complete property registrations before the new rates took effect.
By late Tuesday evening, over 1,000 registrations were completed. Starting April 1, stamp duties saw steep increases of 50% or more in 104 locations, with certain areas witnessing escalations of up to 100%, 150%, and even 181%.
The financial year’s final day saw registration offices bustling, despite occasional internet slowdowns. Over 1,000 documents were processed, yielding Rs 20 crore in revenue in just one day. The district exceeded its annual revenue target of Rs 350 crore. Senior district registrar Swapnesh Sharma stated that registration slots were expanded to 700 per office at ISBT, Pari Bazaar, and Govindpura, allowing operations to continue late into the night.
Many buyers worked late to secure their slots for March 31. Demand drafts were also prepared overnight. Sanjay Meena, a buyer at Pari Bazaar, booked his slot at 2 a.m. and received his demand draft by 10 a.m., but was assigned a 3 p.m. slot.
The standard construction cost has risen from Rs 13,000 to Rs 14,000 per square metre. For a 1,000 sq. ft. property (approximately 100 sq. m.), this translates to an extra Rs 10,000 in registration fees. This increase affects houses, shops, flats, warehouses, and commercial properties.
