The Madras High Court ban on sale of unapproved plots coupled with demonetisation has taken a toll on stamp duty and registration charges collection, which accounts for 30% of State’s Own Tax Revenue.
For 2016-17, the State now expects to collect stamp duty and registration charges of ₹7,985 crore, sharply down 19% from its earlier expectation of ₹9,858 crore. The collection was ₹9,469 crore in 2015-16.
The government expects a modest 2.94% growth to ₹8,220 crore during 2017-18 from the previous year expectation.
Realty blues
The general slowdown in the real estate sector coupled with the political uncertainty in the State also added to the woes.
According to property research firm Cushman and Wakefield, total residential launches in Chennai fell 31% to 6,400 units during 2016.
