‘Hike in stamp duty on property registration by 15 percent has fetched Rs. 20,287 cr. to Govt.’

Mysore/Mysuru: The four-day MyRealty-2024, the mega property expo, organised by the Builders’ Association of India (BAI), Mysore Centre and the Confederation of Real Estate Developers Associations of India (CREDAI), in association with the Mysore Builders’ Charitable Trust (MBCT), began at Bharath Scouts and Guides Grounds, near old DC’s Office in city this morning.

Inspector General of Registration of Commissioner of Stamps, Bengaluru, Dr. B.R. Mamatha, who was the chief guest, inaugurated the mega property expo in the presence of Joint Director of Town and Country Planning, Mysuru, Dr. M.S. Pankaja, who was the guest of honour.

Speaking on the occasion, Dr. Mamatha said that the real estate industry was booming in the country with 1.3 billion dollars business estimated in the next 10 years in the country.

Pointing that the stamp duty on property registration has increased by 15 percent, Dr. Mamatha said that a total of Rs. 20,287 crore has been collected as against the target of Rs. 20,000 crore.

In 2023, a target of Rs. 15,000 crore was given and the Department has achieved 17,174 crore, which shows the Department’s achievement, Dr. Mamatha said and added that the real estatesector will see further growth by March 2025, besides stating that the real estate industry will also help in the development of the nation. “Everyone needs a shelter or a roof. After COVID-19 pandemic, there is a need for a security for the people, which is being provided by the real estate industry,” she said.

Stating that registration process was getting delayed as required documents were not being submitted correctly, Dr. Mamatha said that submission of required documents will ensure smooth registration process without delay.

MyRealty Expo has five Platinum stalls, four Gold stalls, four Silver stalls and 17 Regular stalls, totalling 30 stalls and the expo brings together renowned builders, apartment and layout developers as well as financial institutions under one roof, enabling public to have access to authentic and reliable information about properties, layouts, flats or apartments, group houses and villas.

MyRealty-2024 Chairman K.N. Ravi Shankar, Hon. Secretary Ashwin R. Pallegar, BAI Mysore Centre Chairman A.S. Yoganarasimha, Hon. Secretary K.R. Prabhakar Rao, CREDAI Mysore Chapter President D. Srihari, Hon. Secretary L. Arun Pandit and others were present.

The expo, which will be open for the public from 10 am to 8.30 pm, will conclude on June 10.