Registration and Stamps dept receives higher applications despite demolition drive

Registration and Stamps department sees surge in property registrations despite government demolition drive, revenue surpasses projections.

The Registration and Stamps department has registered a higher number of registrations for residential and commercial properties over the past few months notwithstanding the perceived adverse impact due to the demolition drive launched by the State government through HYDRAA.

The department has received 87,785 applications for registration of residential properties and the number of applications for registering commercial properties was 794 during October this year. Registration of properties did not suffer any major adverse impact as can be seen from the fact that the first two days of November saw the submission of 3,754 applications for residential properties and 33 for commercial properties.

The department saw a steady rise in the number of applications for residential and commercial properties from July when it was 23,507 and 190 respectively and 41,704 and 416 in August respectively. The number of applications received and processed for residential and commercial properties in September was 8,0091 and 737 respectively.

The department has posted revenue of ₹7,251 crore till September end, 39.78 % of the ₹18,228 crore projected for the entire fiscal. Though the progress has been slower, it is over three % higher than the ₹7,006 crore registered at the end of first half of the previous fiscal.

There was speculation initially that there would be a steep decline in the registration process, but sources said the department is receiving huge applications as the government itself is guiding the buyers to invest in right places.

This apart, the talk of an impending hike in land values with an aim to minimise the steep difference between market prices and the prescribed government rates is also said to be driving buyers to complete the transactions early. With some more big-ticket announcements in the offing, officials are confident that registrations will continue to see an upward trend in the coming days too.