Hyderabad: The recent upward revision of market values for agricultural lands, plots, apartments and flats in Telangana has not dented the income from property registrations, with the state government recording an increase in revenue despite a marginal decline in the number of registration documents.
According to official figures from the stamps and registration department, the revision of market values, which came into effect from June 5, has substantially boosted the state’s collection. While there was a slight dip in the number of property registration documents compared to the corresponding period last year, the higher market values have translated into a sharp rise in revenue, fetching the state exchequer nearly Rs 10 crore in additional income every day.
The strong performance has come as a pleasant surprise for the state government amid concerns that the real estate sector was witnessing a slowdown. Finance department officials expressed satisfaction over the sustained increase in registration revenue, noting that the revised market values have significantly enhanced collections without adversely affecting registration volumes.
Officials attributed the revenue surge primarily to the increase in registration values of open plots, apartments and flats, particularly in Hyderabad and the rapidly developing suburban areas surrounding major cities and towns. Field-level data suggests that these categories have contributed the bulk of the additional revenue, helping the government strengthen its non-tax income despite only a marginal reduction in the number of property transactions.
The increase comes even after the government had already witnessed a windfall in May, when property owners rushed to register transactions before the revised market values came into force. Advance registrations during May had generated nearly Rs 1,700 crore for the state. Despite expectations that registrations would slow down after the price revision, the trend has remained robust throughout June.
According to data available up to June 25, the stamps and registration department collected Rs 1,023.42 crore during the month, compared to Rs 920 crore during the corresponding period last year. With a few more working days remaining in the month, officials expect total revenue to comfortably cross Rs 1,100 crore, nearly Rs 200 crore more than June last year.
The number of documents registered, however, declined only marginally. Up to June 25 last year, a total of 1,02,513 agricultural and non-agricultural property documents were registered across the state. During the same period this year, registrations stood at 1,00,726 documents, a decline of 1,787 documents. Officials said the slight fall in registrations has been more than compensated by the increase in market values, resulting in substantially higher revenue.
Daily revenue collections also gathered pace after the revised market values came into effect. On June 10, the department collected Rs 50.79 crore, followed by Rs 50.30 crore on June 11 and Rs 54.82 crore on June 12. The highest single-day collection was recorded on June 17, when registrations generated Rs 97.94 crore. Thereafter, daily collections have consistently ranged between Rs 55 crore and Rs 75 crore.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
