Mancherial Stamps & Registrations unit sees dip in income

The unit had revenue of Rs.53.01 crore by way of registrations of properties, mortgages, marriages, firms, etc in the recently concluded financial year as against Rs.57.08 crore in 2022-23 fiscal, reflecting a decline by 7 percent.

Mancherial: The annual income of the Stamps and Registration department’s Mancherial unit saw a considerable dip in 2023-24 compared to the corresponding period last year. Officials are attributing the dip to the model code of conduct enforced during the recent Assembly elections.

The unit had revenue of Rs.53.01 crore by way of registrations of properties, mortgages, marriages, firms, etc in the recently concluded financial year as against Rs.57.08 crore in 2022-23 fiscal, reflecting a decline by 7 percent. It had recorded an annual income of Rs.42.07 crore in 2021-22.

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As many as 20,038 documents relating sale deeds, gift deeds, mortgage and other deeds were registered in 2023-24 when compared to 20,173 documents registered in 2022-23 and 16,758 documents in 2021-22. The MCC came into force in October and lasted till December 3. Carrying funds over Rs.50,000 and transferring cash above Rs.1 lakh was subjected to receipts.

When asked, Mancherial Sub-Registrar Marupaka Balakishan said the unit recorded a dip in the annual income owing to the imposition of the MCC. The officials stated that buyers hesitated to register their assets fearing that they would have to pay penalties if the transactions attract the attention of election officials.

Meanwhile, the Luxettipet unit of the department too recorded a drop in its annual revenue in 2023-2024. It had registered an income of Rs.5.26 crore when compared to Rs.5.66 in 2022-23. Officials said the MCC left an adverse impact on the transactions of the department. Likewise, the Regional Transport Authority’s Mancherial unit failed to reach the annual target of Rs.70.16 crore by a whisker. It could generate income of Rs 69.21 crore in 2023-24.