Real estate sector revenue loss at Rs22,000 crore in Q3: Knight Frank
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Kolkata: Real estate consultancy Knight Frank Llp has estimated loss in state governments’ stamp duty collection from property sales in the December quarter at Rs1,200 crore.
In a report, Knight Frank has estimated revenue loss to the real estate sector in the December quarter at Rs22,000 crore based on a study conducted in eight cities: Mumbai, National Capital Region, Bengaluru, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad.
Impacted by demonetisation, property sales in the December quarter plummeted 44%; new launches were down 61% year-on-year.