Sector bounces back; records a single day revenue of Rs 94 crores on Jan 7
Hyderabad: The Covid-19 pandemic may have put the brakes temporarily on real estate business in the State, but it could not prevent the sector from bouncing back with an incredible spirit.
Land registrations, which were paralysed during the pandemic, started regaining the pace of pre-Covid era with revenues witnessing a speedy rise from Rs 21 crore in April last to Rs 583 crore in December.
And in the new year, the ‘josh’ in the realty sector is so high that the Stamps and Registrations department recorded over 14,000 registrations on January 7 alone, earning a whopping Rs 94 crore in a single day! This is a record of sorts for the department since the State formation in 2014.
As of January 8, the State government has earned over Rs 208 crore promising further growth in monthly revenues. The State government recently revised its targets and is keen on earning at least Rs 10,000 crore for the current financial year from the department.
The revenue earned through the Stamps and Registrations Department is one of the major direct revenue sources for the State government. Since State formation, the revenue through land registrations has been in the upswing due to the healthy growth of realty market across Telangana State. In 2014, immediately after State formation, the department recorded about 8.27 lakh registrations fetching a revenue of Rs 2,707 crore for the State exchequer. In 2019, the State government generated revenue of Rs 5,880 crore through about 15.32 lakh registrations.
However, the State government could garner only Rs 2,414 crore till the end of December 2020. “The economic slowdown due to the pandemic as well as the lockdown had severely impacted registrations. But ever since registrations resumed in June, the numbers have gone up before the State government stalled the registration of non-agricultural properties for a few weeks to facilitate introduction of Dharani portal and subsequent court cases. Soon after the registration of non-agricultural properties resumed in the State, it picked up pace rapidly and witnessed a significant growth last month,” an official in the Stamps and Registrations department told Telangana Today.
Meanwhile, the registration of agriculture properties through Dharani also picked up pace, with 75,000 registrations recorded since November last after the portal’s launch.
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