The Registration and Stamps department is turning out to be a major source of revenue generation to the State government thanks to the rising real estate transactions after fully lifting the COVID-induced restrictions.
The department registered close to ₹1,200 crore revenue, the highest since the incidence of COVID-19 last year, during July reporting registration of 2.13 lakh documents. This amounted to achievement of over 70% of the target set for the month by the department and officials are hopeful that the revenue will rise further on account of the approaching festival season considered auspicious for land transactions.
The magnitude of transactions can be seen from the fact that growth in the revenue continued in spite of the revision of market values of lands and registration charges from July 22. The department registered revenue in excess of ₹2,800 crore during the first four months of the financial year against the target of ₹12,500 crore set for the fiscal.
Senior officials said the growth was in tune with the targets set except in the month of May when the sub-registrar offices were closed for some time and worked under tight restrictions for most part of the month. The department reported revenue of ₹234.50 crore during May as compared to ₹ 716.89 crore in April and ₹ 674.43 crore during June.
The situation in July however changed following the talk of steep hike in land values as well as registration charges and there was a flurry of activity in the offices of the sub-registrars, especially those located in the HMDA limits. The enthusiasm among buyers/sellers was no less in other regions as land sales picked up in the areas abutting irrigation project sites and they were not deterred by the hike in prices when it was actually implemented going by the scale of transactions.
