Punjab records 78pc rise in income from land-property registries in March

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Punjab generated a record income from the land and property registries in the state during the month of March 2023 witnessing a jump of a record 78 percent in income in March 2023 in comparison to March 2022.

Chief Minister Bhagwant Mann has decided to exempt 2.25 percent stamp duty and fees to those registering their property or land in the month of March, that is from March 1 to 31, 2023. Due to this decision, people across the State show great interest in getting land and property registries done, said the state Revenue Minister Bram Shanker Jimpa on Monday.

Jimpa said that in March, Rs 658.69 crore have been credited to the state treasury from land and property registries; while in March 2022, this income was Rs 369.61 crore. Compared

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to the previous year, this income is 78 percent more. During the 11 months from April 2022 to February 2023, an Average income of Rs 308 crore per month has been coming to the treasury, while in just one month, that is in March 2023, this income was more than doubled, he added.

Notably, one percent additional stamp duty, one percent PIDB fees, and 0.25 percent special fees have been exempted for registering any kind of land property till April 30, 2023.