Rise in Realty Deals as well as Stamp Duty in Surat

A Typical gala type housing society in Rander Area

A Typical gala type housing society in Rander Area

Surat’s stamp duty collection is going up. There was a surge in realty deals across the Surat city.

  • Collection for the first five months of the financial year is Rs 245 crore, which is Rs 80 crore higher than the corresponding figure for the last year
  • 44,281 documents were registered during this period, which are 1,500 documents higher than the last year.

The reasons for the increase in stamp duty collection in Surat are as Surtis are prospering, more and more people are going for their own houses. Surat city at present has 10.3 lakh dwellings registered and according to the estimate arrived at from plans passed in Surat Municipal Corporation (SMC) nearly 2 lakh more new residential houses are coming up in the city in next two years time. It is attributed that from new financial year, revised Jantri rates which previously were Rs 10,000 per sq yard can rise to Rs 50,000 per sq yard, so stamp duty collection will shot up.

According to the Surat stamp duty records, from last two years their monthly average of registering documents is nearly 4,000. In essence nearly 60,000 documents are made and stamp duty is collected. This situation is likely to remain for the coming two years as many of the multi-storey apartments in Adajan, Vesu, Pal, and other areas are likely to be ready by this time.

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