Registration of non-agri properties gains momentum

Registration of properties, non-agricultural properties in particular, is picking up since the government has allowed opening of the sub-registrar and district registration offices since Monday.

The department has registered ₹20 crore revenue on Tuesday as against the ₹8.16 crore on Monday, the first day of the opening up of the transactions. Tuesday’s revenue of ₹20 crore included ₹18 crore on registered documents – stamp duty and registration fee – and another ₹2 crore income from other transactions, according to senior officials.

The day witnessed 1,148 transactions in the limited four-hour time for which the offices were kept open. Of these, 949 pertained to slots booked in advance and another 199 walk in – persons who booked their slots before May 12, the day when the registration process was stopped on account of imposition of lockdown.

The number of transactions on Monday was 574. Registration of non-agricultural properties which picked up momentum after the department was allowed to take up transactions through the old process however suffered on account of lockdown and subsequent closure of activities at the sub registrar office and district registrar office levels.

The department had been set a target of achieving ₹12,000 crore revenue during the current fiscal and it progressed well during the first month when it realized revenue of ₹717 crore. The momentum continued in May too till the day the lockdown was imposed. The department generated revenue of around ₹250 crore in less than 10 working days of May before the process came to a standstill.

Senior officials are hopeful that the department’s revenue would be in excess of ₹800 crore during the current month if the pace of registration continues. Relaxation of lockdown norms would further improve the real estate and related sectors giving boost to the department’s revenues.

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