Property registrations in Tamil Nadu have yielded a record revenue of Rs 12,700 crore till the second week of March in the current fiscal year, primarily on account of apartment sales. While making the announcement, state Minister for Commercial Tax and Registration Department P Moorthy also issued some guidelines through a press statement on Saturday, March 12.
According to a Times of India report, a revenue of Rs 1,672 crore was recorded in 2019-20 and Rs 2,057 crore in 2020-21. Around 60% of the total revenue this year has been contributed by the Chennai and Coimbatore zones. Out of this, 45% has been contributed by Chennai (Chennai city, Chengalpet, Tiruvallur) and 15% by Coimbatore zone (Coimbatore, Erode, Thiruppur and Nilgiris), according to the report.
As per the report, a major factor in the Chennai zone was an increase in the sale of apartments and the registration department hopes to secure an income of Rs 13,500 crore by the end of the current fiscal. Around 10-12% of the revenue generated in the state comes from stamp duty and registration fee, which goes directly to the state government coffers, the report adds.
The minister also said that sub-registrars and the public should follow the guideline value while making the registration. He also warned that action is being taken against those registering properties with lesser guideline value. Moorthy also asked the public not to bribe anyone in the sub registrar office while making a registration and, information about those asking for a bribe shall be passed to the officials concerned.
Secretary to the registration department B Jothi Nirmalasamy said that the revival of real estate sector had a major contribution in the revenue. This is because property registrations which could not be done after the pandemic outbreak in 2020 were registered a year later, she said.