Telangana Real-estate Boom Reflected in High Registration Revenue
The registration revenue of the Registration & Stamps Department has pulled in registrations to the tune of an impressive Rs. 920+ crores in revenue for the month of August. The Registration & Stamps Dept.’s growth more than doubled & increased by 102% in the month of August compared to the Rs. 455+ crores revenue generated from registrations over the same period for the previous fiscal year. The sharp increase in revenue can be attributed to factors that have caused the real-estate sector be back on the path of growth after a slump in the year 2020.
The revenue collected from registrations in the month of August echoes the highly buoyant real-estate market of Hyderabad which keeps growing at a solid pace around the limits of Greater Hyderabad. There was a spike in registration & stamp duties from July 22nd of this year, but the revenue from registrations continued to be on the up contrary to initial expectations. The revisions of registration & stamp duty include:
- Charge per sq. ft. increased by 30% for high-range apartments
- 20% for apartments in areas where rates are equal to or lower than Rs. 4,000 per sq. ft.
The revision in registration & stamp duties were made based on the sharp increase in appreciation of land rates in some areas after the state government setup the necessary infrastructure for development.
The total revenue earned by the government through the Registration & Stamps Dept. for the first 4 months of the year stood at Rs. 3,750 crores & in the month of July the department earned a high of Rs. 1.200+ crores in revenue from registrations. This means the revenue of the first 4 months of the current financial year increased by a whopping 130% compared to the same period for the previous financial year when the total revenue from registrations was Rs. 1,560+ crores. The department officials report they expect the revenue in registrations is expected to increase for the next couple of months due to the festive season & an overall more auspicious phase of the year during which the public makes more investment in the real-estate sector.
The Registration & Stamps Department was amongst the few critically hit departments due to the first & second waves of the Covid-19 pandemic but the department has lifted restrictions & is making hay while the sun shines.
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