The Registration and Stamps Department has registered an impressive revenue of little over ₹920 crore during August.
The department achieved 102% growth in the revenue during the month as compared to ₹455.77 crore registered during the same month last fiscal. The department had set for itself a target of ₹1,000 crore for the month and could achieve 92% of the set target.
According to senior officials, the revenue reflects the buoyant real estate market which is growing steadily in the areas around the the Greater Hyderabad limits. The department’s revenues continue to be on the upswing in spite of the hike in the stamp duties and registration charges effected from July 22 this year.
The revision for instance saw the charge per square feet going up by 30% in case of higher range apartments while it had been kept at 20% in the event of areas where the rates are ₹4,000 a sq.ft. or less. The revision was made consequent on the steep appreciation of land values in different areas after the government successfully put in place the necessary infrastructure.
The total revenue earned by the department for the first four months stood at ₹3,750 crore with July registering highest of ₹1,201.86 crore. Revenue in the first four months increased by more than 130% against ₹1,568.39 crore registered during the first four months of the last financial year. Officials said the pace of registrations is set to increase in the coming days as the next two months are considered to be auspicious when people would prefer investing in the real estate.
Registration and Stamps Department was among the revenue earning departments which suffered adversely due to the impact of COVID-19 pandemic. But the department revived itself since the lifting of restrictions from April this year registering ₹716 crore revenue and the trend is continuing for the next three months but for May when it dropped to Rs. 234 crore due to closure of sub-registrar offices on account of COVID-19 pandemic second wave.
