Property registrations worth Rs 1,110 crore were reported across Tamil Nadu on Thursday, surpassing previous records. The state earned a revenue of Rs 123 crore through stamp duty and registration fee as 20,300 land documents were registered, the highest since 2018.
Data from the registration department showed that 40% of the total value and volume of documents registered on Thursday was in Chennai zone that comprises the city, Chengalpet, Kancheepuram and Tiruvallur districts. Out of the total value of properties registered in the state, Chennai and its neighbouring district accounted for Rs 440 crore.
Previously, sub-registrar offices across the state breached the 20,000 land documents mark 45 days ago on September 14 this year that included pending documents that came for registration. It had generated Rs 90 crore. The third highest number of documents was registered on September 16 that had nearly 19,700 land registrations. In 2019, the number of document registrations did not touch the 19,000-mark.
Officials said two back-to-back auspicious ‘muhurtham’ days on Thursday and Friday, bookings during Vijayadasami day and accumulated registrations for the past few months had led to a spike in registrations. With Friday being a public holiday, the registrations had swelled on Thursday.
Sources in the real estate business said the number of inquiries and site visits has increased after restrictions on movement were relaxed. City-based developer Chandran said the demand for completed projects was high among homebuyers as it does not attract GST. “But the market for apartments in ongoing projects is comparatively less in the present scenario,” he said.
