Will Property registration Fine mandated in Ranchi affect real estate sector?

Ranchi Real estate is one of the real estate destinations in India. Property registration is the main income source for Ranchi Government. But recently it is found that more than 50 per cent of the flats are not registered. This common practice is done by owners who trying to evade registration of property. But this also increase property fraud and it also affects income of Ranchi Government.

Now govt has come up with an idea to boost property registration ie.,Once a flat is purchased, the owner will have to get the property registered within three months. Non-compliance will lead to payment of a fine of Rs 2,000 per day. But this will not affect Ranchi real estate sector.