Property registrations’ revenue hits record of Rs 12,700 cr in TN

Revenue from property registrations touched a new record, with Rs 12,700 crore revenue produced till the second week of March 2022. This is a leap with respect to revenues of Rs 1,672 crore and Rs 2,057 crore in 2019-20 and 2020-21. Chennai and Coimbatore zones have together added approximately 60% of the total revenue. Revival of the real estate sector post-Covid emerges to be the fundamental driver in pushing up property listings. The Chennai zone, including the city, Chengalpet, Kancheepuram and Tiruvallur districts, added nearly 45 % of the total income, followed by the Coimbatore zone, which registered a share of 12% to 15%. An increase in the sale of flats was a significant factor in the Chennai zone, and the registration department is anticipating revenue of Rs 13,500 crore by the end of the current fiscal. Revenue via stamp duty and registration fee account for 10%-12% of the revenue produced in the state that directly goes to the state government coffers. The Minister for Commercial Taxes and Registration, P Moorthy told the media that the income of Rs 12,700 crore this year was the highest ever registered by the registration department. Pointing out that the sub registrars and public should record properties according to the guideline value, he said action is being initiated against those found to be registering properties with a lesser guideline value. Registration secretary B Jothi Nirmalasamy told the media that the revival of the real estate sector was a significant factor since property listings that could not be transacted after the outbreak of Covid-19 in 2020 were recorded a year later. Suresh Krishn, president of Confederation of Real Estate Developers' Associations of India (CREDAI) told the media that the state government must decrease stamp duty and registration fee as this could be an incentive to have more property registrations, he added. Image Source Also read: Tamil Nadu property registration process to go online