The state witnessed a 98% drop in registration of properties in April due to lockdown.
While it was approximately Rs 298 crore in April last year, it nosedived to Rs 7.77 crore this year. Though, the state government’s revenue increased in May, it is nowhere close with last year’s figures.
According to figures available , in 2019-20, the government earned Rs 375 crore from registry in May, but in the same month this year, the income has been only Rs 48 crore. A senior official source said, “Revenue generation from property registration was adversely impacted. Attempts are been made to meet the target.”
Sources said in an attempt to increase the revenue, the state government increased the surcharge on stamp duty by 10% to increase its income. However, it could become a deterrent for the real estate market to revive.
Developers alleged that at a time when the real estate market was facing a slowdown in the state, successive governments were increasing the DLC the rates since 2014.
