The Registration and Stamps Department continues to register impressive numbers in terms of registered documents and sale of eStamps notwithstanding the apprehensions raised over the impact of the demolition drive launched by HYDRAA.
The department registered close to ₹7,200 crore revenue during the current financial year till date, keeping pace with estimates projected in the Budget. Given the buoyancy in the real estate segment over the past few years, the government has projected revenue to the tune of ₹18,228 crore from Registration and Stamps during the current fiscal.
Revenue towards the end of the first half of the fiscal was 3% higher compared to ₹6,996 crore during the same period in the previous financial year. The revenue could have been much higher but for two elections within a span of few months. “There is likely to be a rise in revenues in the coming days as big ticket announcements are in the offing,” a senior official told The Hindu.
Department officials are however cautious in their response when asked about the impact of the demolition drive underway. “It is too early to comment. Trends can be ascertained a few months later,” he said.
He explained that the present registrations were based on the deals concluded for agriculture and non-agricultural properties earlier. “The time frame in case of major housing blocks like apartments will be much higher as the construction of the entire structure will take three to four years,” the official explained.
Admitting that there could be fears among buyers because of HYDRAA, he said that buyers should actually feel safe in investing in the properties now that the government itself is guiding them and showing the right places of investment. “Registrations are likely to gather pace in view of the major announcements. Clarity on the drive by HYDRAA will go a long way in boosting the real estate sector further,” he said.
Published – September 26, 2024 07:19 pm IST