For the first time, the Registrations and Stamps Department has registered a major dip in its targets with respect to collections from registration of land and properties in Hyderabad because of the prevailing political scenario.
The yearly collections from Hyderabad district have never gone down from 90 per cent of the set targets but there has been a crash by 40 per cent in the last three months. Overall revenue collections between March and July too have seen a dip of 25 per cent.
The number of property documents received by the department for registrations, which every year used to hover between 90 and 100 per cent against the targets and many times even more, is now 60 per cent. Officials fear that if the trend continues, they would hardly be able to achieve this year’s targets.
For instance, total gross revenue in Hyderabad during last year July was Rs. 71.36 crore against a target of Rs. 90.01 crore while this year in July, the revenue collections were at Rs. 41.07 crore against the same target.
Registrations have not picked up in the first half of August, even after the announcement of State’s bifurcation by the Congress, officials said.
More trouble?
“There could be trouble in the coming months and years when the capital may see migration to the new capital. If that happens, there will be a large number of sellers and less number of buyers. We are anticipating a dip in rentals also,” analyses Hyderabad District Registrar V. Sulaiman.
Of the total revenue generated by the department from the city, nearly 35 per cent comes from apartments. On an average, the department receives close to 40,000 ‘high value’ documents for registrations every year from Hyderabad. Authorities are predicting that this year, the figure could drop by 40 per cent.
“It is surprising to note a drop in registrations. Last year, we had revised the market values but they were rational revisions. Such a drop has never occurred in Hyderabad and it is puzzling,” remarks Deputy Inspector General (R&S), Hyderabad, A. Raveendranath.
