Home Urban Infrastructure News Realty News Chennai property registration department earns Rs 10,000 crore in 11 months

    Chennai property registration department earns Rs 10,000 crore in 11 months

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    unapproved plots

    Regularization of unapproved plots scheme has pushed revenue registration department’s revenue inflow to a new high – Rs 10,000 crore in 11 months.

    This is the highest revenue generated through registration of land across the state. Chennai zone contributed more than 40% of the total revenue.

    According to official sources, property registrations recorded revenue to the tune of Rs 9,907 crore between April 2018 and February 2019.

    “The revenue crossed the Rs 10,000 crore mark during the first week of March. About 23.10 lakh documents were registered from last April to February,” a senior registration department official told.While the number of documents registered was up by 15% compared to the previous 11-month period, April 2017 to February 2017, the revenue jumped by nearly 22%.

    Sources said the Chennai registration zone comprising sub-registrar offices in the city, Kancheepuram and Tiruvallur districts have contributed 42% of the total revenue. Last fiscal, property registrations earned the department Rs 9,121cr.

    Registration department sources attributed the increase in revenue to regularization of unapproved plots scheme which facilitated sale of unauthorized housing plots. “It was one of the major factors that helped in boosting the revenue,” the official said.

    An information technology-enabled service, STAR 2.0 (Simplified and Transparent Administration of Registration) was launched last year that mandated online registration of all the property transactions.

    Info- https://realty.economictimes

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