Against the general notion that coronavirus lockdown had an adverse impact on businesses and savings, the stamp and registration department in Lucknow registered over 150% rise in revenue from property registration — an indication that people’s inclination for investment in land remains largely unaffected.
Data accessed reveals that after the coronavirus lockdown, the stamp and registration department registered a significant increase in revenue. In August, it recorded 99% revenue collection against the target of Rs 166.92 crore, while in September, the department earned Rs 164.84 crore which was 96% of the target.
The department’s coffers received heavy cash during festive season in October and November, recording 142.2% (Rs 248.2 crore against Rs 174.5) and 151.4% (Rs 221.8 crore against set target of Rs 146.4) collections.
During Navratri, the stamp and registration office issued registry of 1,200 properties a day against the usual average of 600.
According to officials at AIG stamp office, a huge rush for property registration has been witnessed since August after the government lifted lockdown.
Officials said the stamp department has earned Rs 1099.1 crore revenue till November month. The target for current financial year is Rs 2,178.5 crore.
“The rate at which we are registering properties since August is very surprising to us. Unlike after demonetization, people are heavily investing in land and houses. Rise in revenue collection from registration of properties seems to indicate that the real estate sector is registering significant growth,” said assistant inspector general (stamps), Lucknow, Ram Akbal Singh.
Data shows that from April to November this year, 78,561 registrations were done for categories of stamp involving sale, mortgage, gift, settlement, power of attorney and others, while in the same period last year, 99,750 registrations were done. It is to be noted that in the current financial year there was no registry in April and May while June and July registered low registrations due to coronavirus lockdown.
“We have made losses to the tune of nearly Rs 700 crore but if current trend continues, the stamp and registration department will recover the losses in next four months,” said the AIG (stamps).
