Hyderabad govt made Rs 7,000 crore from property registrations

During the last eight months, the Hyderabad government has collected revenue of Rs 7,000 crore from property registrations, which is twice the pre-pandemic time and over thrice during FY20-21. The registration and stamps (R&S) department registered 12 lakh documents, out of which over three lakh were from agriculture properties registered through Dharani web portal. Rangareddy, Medchal-Malkajgiri, Sangareddy, Hyderabad and Yadadri Bhuvanagiri districts contributed 60% of the revenue share. The revenue remains unaffected even though the government increased land values. According to a senior official, Telangana property registrations is gaining momentum, which is a boom to the realty sector. Due to the Covid-19 pandemic, only Rs 1,800 crore revenue was generated in FY20-21, with five lakh agriculture and non-agriculture registrations. He said that in eight months of FY21-22, the revenue department earned Rs 1,000 crore in one month. According to official sources, higher revenue can be collected from the districts of Greater Hyderabad, and the government has allowed registrations of open plots in unauthorised layouts. Districts, including Jayashankar Bhupalpally, Mulugu, Komaram Bheem Asifabad, Warangal, and Narayanpet, had poor revenue figures. However, the real estate sector has boosted since December 2020. Officials said that agriculture property rates have increased, which is a boost to the real estate sector. Telangana is the only state to have bounced back after the Covid-19 pandemic disruptions. Image Source Also read: Hyderabad declared as India's top commercial real estate destination Also read: Hyderabad to get water, sewage infra projects worth over Rs.50 bn