Property registrations in Chennai zone comprising the city,Chengalpet,Kancheepuram and Tiruvallur districts have revived and this April accounted for 41% of the total registration revenue in the state.
While land registrations in Tamil Nadu brought in as much as Rs 1,070 crore in revenue this April, the city and its neighbourhood accounted for Rs 445 crore. Last year, the contribution of the four districts had reduced substantially to 21% during the last financial year due to the adverse impact on the real estate sector following the outbreak of the Covid-19 pandemic that continues to rage.
Data with the department shows that every month since February this year, registrations have brought in an income exceeding Rs 1,000 crore. While the Chennai zone topped the state with Rs 445 crore this April, it was followed by Coimbatore zone with Rs 175 crore.
The total number of documents registered in April was 2.3 lakh, an increase of 30,000 over the average of two lakh number of documents registered every month. The contribution of the Chennai zone in the number of documents registered also matched the pre-Covid levels of about 45% of the state’s level.
“It is certainly a revival for the Chennai zone after a one year period. Still, we can conclude it only if the city zone continues to contribute the same level for next two to three months,” a registration department official said. Moreover, the property registrations picked up during the second week of April after elections to the Tamil Nadu state assembly concluded on April 6.
The representatives of the real estate sector agree. Confederation of Real Estate Developers’ Association of India (CREDAI) Tamil Nadu chapter president Suresh Krishn said that bookings that happened during the end of last year and in the early months of 2021 were realised in March and April.
“This is the reason for property registrations in Chennai and suburbs increasing in April and reflected in the registration department’s revenue as well,” he said.
