+
Tamil Nadu eyes revenue jump through property registrations
Real Estate

Tamil Nadu eyes revenue jump through property registrations

P Moorthy, Tamil Nadu's minister for commercial taxes and registration, held a review meeting with registration officials after the second wave of Covid-19 to discuss ways to boost revenue through property registrations.

Land registrations were disrupted for four months during the first wave of Covid-19 last year.

During the meeting, the importance of taking steps to increase revenue was emphasised, as the revival of registration offices was faster than expected in 2020.

The pandemic year of fiscal 2020-21 generated Rs 10,643 crore in revenue from stamp duty and registration fees between April 2020 and March 2021. The revenue generated in the 2019-2020 financial year was Rs 11,028 crore, down 3.6 % from the previous year.

According to the media Officials have been told not to register properties of temples under the Hindu religious and charitable endowments department's jurisdiction, water bodies, or poramboke land under Section 22-A of the Registration (Tamil Nadu Amendment) Act. If the previous land transaction refers to the plot as a house site, the Act makes it easier to re-register it. Returning documents on the same day to avoid delays, as well as measures to prevent employees from arriving late to work and the progress of the recently launched grievance control room, were all discussed.

The meeting was attended by registration secretary B Jothi Nirmalasamy, registration inspector general M P Sivanarul, and senior registration department officials, according to an official release.

Image Source


Also read: Luxury homes in Mumbai record transactions worth Rs 4k cr in H1, 2021

Also read: Pune civic body urges govt to release stamp duty revenue share

P Moorthy, Tamil Nadu's minister for commercial taxes and registration, held a review meeting with registration officials after the second wave of Covid-19 to discuss ways to boost revenue through property registrations. Land registrations were disrupted for four months during the first wave of Covid-19 last year. During the meeting, the importance of taking steps to increase revenue was emphasised, as the revival of registration offices was faster than expected in 2020. The pandemic year of fiscal 2020-21 generated Rs 10,643 crore in revenue from stamp duty and registration fees between April 2020 and March 2021. The revenue generated in the 2019-2020 financial year was Rs 11,028 crore, down 3.6 % from the previous year. According to the media Officials have been told not to register properties of temples under the Hindu religious and charitable endowments department's jurisdiction, water bodies, or poramboke land under Section 22-A of the Registration (Tamil Nadu Amendment) Act. If the previous land transaction refers to the plot as a house site, the Act makes it easier to re-register it. Returning documents on the same day to avoid delays, as well as measures to prevent employees from arriving late to work and the progress of the recently launched grievance control room, were all discussed. The meeting was attended by registration secretary B Jothi Nirmalasamy, registration inspector general M P Sivanarul, and senior registration department officials, according to an official release. Image Source Also read: Luxury homes in Mumbai record transactions worth Rs 4k cr in H1, 2021 Also read: Pune civic body urges govt to release stamp duty revenue share

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code