Revenue generated through property registrations in the state during the month of August has surpassed the figures for the same period last year, signalling a resurgence in realty sector in the state.
As per data accessed , the Rs 793 crore generated through property registrations across Tamil Nadu in August, the share of Chennai zone comprising sub-registrar offices in the city and in Chengalpet, Kancheepuram and Tiruvallur districts was 35% at Rs 278 crore.
From Rs 5 crore in April, Chennai zone’s revenue went up to Rs 70 crore in May, Rs 155 crore in June and Rs 180 crore in July this year. The total revenue collected in August 2019 was Rs 787 crore.
Normally, Chennai zone accounted for 45% of the total revenue generated through stamp duty and registration fee in TN. Hit by the restrictions on inter-state travel due to the pandemic, the zone’s revenue went down by Rs 64 compared to last August. “Unlike the rest of Tamil Nadu, more people and firms from other states invest in properties in and around Chennai. They were unable to travel to the city due to restrictions during the lockdown,” a registration department official said.
At least 17,000 more transactions were done in August compared to the same period last year. According to sources, the nature of trasaction was mostly large land parcels and plots, and registration of apartments and houses was relatively less.
Inspector General of Registration Jothi Nirmala said high-value transactions in Chennai properties was the reason for spike in revenue in August. The user-friendly online service was also a factor, she added. Revenue through property registration was Rs 30 crore in April this year, Rs 300 crore in May, Rs 655 crore in June and Rs 644 crore in July.
