Bengaluru: With property transactions returning to normalcy after two years of COVID pandemic, the buying and selling of properties has given a boost to Government revenues in the current fiscal (2022-23).

According to Revenue Department Statistics, a total of 16,32,727 property transactions have taken place in the Sub-Registrar Offices across the State so far this fiscal (2022-23) as compared to 12,50,835 property transactions in the same duration last year.

The Department has recorded a revenue of Rs. 10,850 crore as stamp duty so far this fiscal, which has exceeded the set target.

There has been an increase in property transactions as the Government announced a 10 percent rebate on registration fee based on guidance value.

In yet another initiative for helping the sagging real estate sector, the Government reduced the stamp duty from 5 percent to three percent for flats that cost up to Rs. 45 lakh.