Preparation of new market value guidelines is in progress all over the State, Agri S.S Krishnamoorthy, Commercial Taxes and Registration Minister, informed the House on Monday.

Initiating the debate on demands for grants to his department, the Minister recalled that the previous revision of guideline values was carried out in August 2007. Since then, there had been a manifold increase in the prices in the real estate sector. To ensure that the guideline values were in line with the market rates and to give statutory backing to the proposed guideline values, steps were taken to form the State-level Valuation Committee and sub-committees at the district level.

A sum of Rs. 5 crore was sanctioned for the appointment of data entry operators and other related works. The Minister informed the House that during 2010-2011, the Registration Department registered more than 32.80 lakh documents; issued over 31.64 lakh encumbrance certificates and earned a revenue of about Rs. 5,020 crore. Around 2 crore persons visited its various offices last year.

On the pattern of revenue netted by the department in recent years, Mr. Krishnamoorthy said that following economic downturn, there was a “slight decrease” in the revenue earned in 2008-2009 and 2009-2010, but since then it had shown a “healthy growth trend.” In the first four months of the current year till July, the revenue earned by the department was Rs.1,835.66 crore, indicating a growth of 17.75 per cent over the corresponding period of the previous year.

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