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Rajasthan's real estate market is experiencing a remarkable resurgence, with stamp duty and registration collections reaching their highest level in five years. This 26% increase has generated a revenue of Rs 8,189 crore, surpassing previous records by a substantial margin. Industry representatives have confirmed the upward trend, and experts anticipate continued growth in the coming years.
Sharad Mehra, Inspector General of Stamps and Registration, reported that collections have been steadily growing, with last year's growth setting a new record. Mehra expects the momentum to continue into the current financial year, which bodes well for the industry's future and overall economic impact on the state.
According to the President of CREDAI-Rajasthan, the real estate sector in the state is now in a growth cycle. The upward trend is predicted to continue for several more years, largely due to various market factors and government policies. The growth is attributed to both residential and commercial segments, driven by factors such as multinational corporations (MNCs) establishing new offices, and domestic companies seeking more affordable locations in tier-II cities like Jaipur.
The real estate market's resurgence in Rajasthan is also influenced by several key developments. After a period of uncertainty due to demonetization, the rollout of GST and RERA, and the Covid pandemic, the sector has entered a new growth cycle expected to last for at least four to five years. This renewed growth reflects increased consumer confidence and a shift in market dynamics.
The commercial real estate sector, in particular, has experienced rapid growth as many MNCs set up new offices and shift some business to India from China. As big cities become increasingly unaffordable for domestic companies, they are looking to tier-II cities like Jaipur for commercial space, further contributing to the market's expansion.
The real estate industry's growth has a positive ripple effect on various sectors, including steel, cement, electronics, and electricals. It also creates numerous job opportunities, not only within the sector itself but in related industries as well. This broad economic impact underscores the importance of a thriving real estate market for Rajasthan's overall development.
To support and sustain this growth, experts suggest that the government should consider reducing stamp duty rates, as Rajasthan is among the states with the highest stamp duty. Another recommendation is that of implementing policies to attract the IT industry, given its strong connection to the real estate sector.
In conclusion, Rajasthan's real estate market is experiencing a significant boost, with record stamp duty revenue and a 26% growth rate. The upward trend is expected to continue in the coming years, benefiting various industries and creating job opportunities across the state. By adopting supportive policies and capitalizing on the current momentum, Rajasthan can further strengthen its real estate sector and promote broader economic growth.
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