The Registration and Stamps department continues its good run in terms of revenue generation to the Government which is facing hardships in mobilising finances on account of the restrictions imposed by the Centre.
The department stopped a little short of the target of ₹ 12,500 crore set for it last financial year earning revenue of ₹12,372 crore in spite of revision of land prices and registration charges. After the Goods and Services Tax and Excise duties, Registration and Stamps department emerged a major contributor to the economy and the tempo is apparently continuing in the current fiscal with revenue through registration charges and stamp duties reported at ₹ 1,350 crore in April.
The department has reported close to ₹920 crore revenue in the first three weeks of May indicating that the revenue during the month could cross ₹1,200 crore. A major chunk of 90 peer cent of the revenue continued to come from registrations in Rangareddy, Medchal-Malkajgiri and Sangareddy districts abutting the GHMC area indicating the buoyant real estate activity in the jurisdiction of Hyderabad Metropolitan Development Authority.
The revenue comes at a time when there are two versions doing rounds about the real estate sector in the GHMC and surrounding areas. Senior officials said while a section of people were looking at a possible correction in the market as the real estate activity is peaking, another section feels that the market is yet to reach the plateau.
The two divergent views notwithstanding, attraction to invest in the real estate in GHMC limits continues primarily because of the affordability which is factored in by those interested in investing in the sector, they said. Officials are hopeful that the department would be able to realise the Rs. 15,600 crore target set for it for the current fiscal going by the trends in the first two months of the year. “There are many factors that govern the behaviour of the real estate sector. But attraction for Hyderabad continues because of the affordability factor,” a senior officials said.
