Govt generates Rs 9,854 cr revenue from property registrations

In nine months, the Tamil Nadu government collected Rs 9,854 crore from property registrations, which is the highest in the last five years from 2017.

The revenue was 43% more between April-December, compared to the revenue collected in 2020 and 19% more than the revenue collected in 2019. According to the sources, the revenue generated from property registrations might touch Rs 15,000 crore by March 2022.

December 2021 witnessed the highest revenue collection from land registration in the last four years at Rs 1,405 crore.

Chennai and suburbs are witnessing more registrations from new launches. Over 40% of the revenue from property registrations was from Chennai and adjoining districts.

According to Knight Frank India, Chennai real estate market sold 7,900 housing units between April-December and overall, 12,783 housing units were launched in 2021.

Vice-president of flat promoters association of South Chennai, R S Balaji, said that the supply of housing units was more than demand and many housing projects were completed after the pandemic restrictions were relaxed after the second wave of the Covid-19 pandemic. He said that home buyers have many housing choices in the southern and western suburbs.

President of the Confederation of Real Estate Developers' Associations of India (CREDAI) Tamil Nadu, Suresh Krishn, said that the housing sales would be impacted due to the lockdown restriction due to the third wave of the pandemic. However, the demand will revive after the situation is eased.

Senior Director of Knight Frank India, Tamil Nadu and Kerala, Srinivas Anikipatti, said that the housing bookings would be lower during the lockdown due to the closure of the registration offices.

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