Transactions come down by 50 per cent
The seizure of huge amounts of cash as part of the election code has impacted property registrations, which have come down by 50 per cent in Nellore district.
Nearly 5,000 registrations used to be carried out per month but this has come down to around 2,000 now. This is mainly because of the vigil and seizure of unaccounted cash as per the guidelines issued for the general elections.
Only 52 per cent revenue target achieved
The registrations department officials say that during every election, registrations are significantly affected. Consequently, only 52 per cent revenue target was achieved during the election months this year. Though the book values of properties have increased over the years, the market price has continued to remain high in most places in the city limits. If the book value of a particular property is Rs. 5 lakh, the market value may be Rs. 10 lakh or higher.
As the amount involved in such transactions is big, buyers are avoiding it so that they need not come under the scanner of the election guidelines. The unaccounted cash being seized by authorities is being deposited in the treasury. This will attract the attention of the Income Tax department, which has become a matter of concern for property buyers.