Chennai zone accounts for 41% of TN's land registration revenue in April
Real Estate

Chennai zone accounts for 41% of TN's land registration revenue in April

Property registrations in the Chennai zone, which includes the city, Chengalpet, Kancheepuram, and Tiruvallur districts, have rebounded after a steep drop last year, accounting for 41 per cent of the state's total registration revenue in April.

In April, land registrations in Tamil Nadu generated Rs 1,070 crore in revenue, with the city and its environs accounting for Rs 445 crore. Due to the negative impact on the real estate sector following the outbreak of the COVID-19 pandemic, which continues to rage, the contribution of the four districts decreased significantly to 21 per cent last fiscal year. Registrations have brought in over Rs 1,000 crore every month since February this year, according to department data. The Chennai zone topped the state in April with Rs 445 crore, followed by the Coimbatore zone with Rs 175 crore. The total number of documents registered in April was 2.3 lakh, up 30,000 from the monthly average of 2 lakh. The Chennai zone's contribution to the number of documents registered was also similar to pre-COVID levels, at around 45 per cent of the state's total.

After the Tamil Nadu state assembly elections on April 6, property registrations increased in the second week of April.

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Also read: Why housing went through the roof during Covid: Care Ratings

Also read: Pune, MMR, B’luru top cities for property investment: Report

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