New registration charges expected to increase revenue

Registration department hopeful of an additional revenue of ₹ 3,500 crore

The Registration and Stamps department is expecting an additional revenue to the tune of ₹ 3,000 crore to ₹ 3,500 crore during the current financial year consequent on the upward revision of the land prices and registration charges. The department which saw a sharp decline during the previous fiscal on account of the COVID-19 pandemic is hopeful of the transactions of both agriculture and non-agricultural properties returning to normalcy. As against the normal revenue of around ₹ 7,000 crore in 2019-20, the department reported ₹ 5,200 crore income during 2020-21 due to the impact of the coronavirus. The sector was however on the revival path, going by the amount of transactions witnessed during the first three months of the financial year. As many as 82,164 transactions of non-agricultural properties, primarily apartments/flats, were witnessed in the first 20 days of the current month fetching an income of ₹ 700 crore. The quantum of agricultural land transactions was no less impressive with 5,000 transactions being reported every day this month.