Govt generates Rs 9,854 cr revenue from property registrations
Real Estate

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.

Image Source

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. Image Source

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?