Increase in registrations has brought in 62 per cent more revenue to the department over the corresponding period last year
Ashada is normally a dull season for property registrations.
But, this Ashada, sub-registrars’ offices across the city have witnessed a rush with a number of property buyers rushing for registration, as the guidance value of properties is set to increase shortly.
The month of Ashada in the Hindu calendar is not considered “auspicious” for property registration.
July has also brought windfall to the government, as the increased registration of properties has brought in nearly 62 per cent more revenue to the department over the corresponding period last year
While 1.73 lakh documents were registered across the State in July bringing in a revenue of Rs. 622 crore to the exchequer, the department had collected Rs. 384.06 crore in July 2012 by registering nearly 1.63 lakh documents. A sum of Rs. 516 crore came as revenue through registration of 1.63 lakh documents in June this year.
Confirming that the number of registrations had gone up in July, a senior official in the Department of Stamps and Registration indicated that the spike in revenue could be due to the fear of paying more stamp duty and registration fee after the guidance value is revised.
The spike in the revenue — albeit temporarily — has come mostly from Bangalore, where the guidance value of property is set to increase between 10 per cent and 100 per cent. The department has already published the provisional rates, which would be implemented shortly.
Interestingly, even during the last revision of guidance value in September 2011, the registration had gone up soon after the provisional rates were notified despite the month of Ashada running then.
“The number of documents registered has almost doubled in the last one month and most of these pertain to the registration of apartments,” said a sub-registrar in the city.
Even with the facility of anywhere registration, most offices had been stretched with the increasing number of documents, said the sub-registrar, adding that the next few days could see further rise in the number of documents being registered daily.