The conveyance is happening largely for individual flats, with developers going slow on floating new schemes,” said a department official. However, transactions like sale deeds, development agreements and conveyance bring in bulk of revenue,” he said. The number of leave and license documents registered this year in Mumbai are 57,697 compared to 1,29,705 in the entire 2015-16 financial year. “Property rates were going outside the capacity of buyers and in the past two-three years, the effect on sales was visible. In the 2016-17 fiscal year, it has a target of Rs 25,548 crore.

Source: dna October 24, 2016 02:03 UTC