With the revival of real estate and property markets in the region for almost a year now, Registration Department has seen its revenue in the Coimbatore zone increase by almost 52% during the first five months of the current financial year compared to the same period last year.
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According to official sources, the revenue realised in the zone, covering Coimbatore, Tiruppur, Erode and the Nilgiris revenue districts, between April and August 2021 was ₹ 734.65 crore and it rose up to ₹1,120 crore during the same period this year.
The sources said the zone is looking at total revenue of ₹3,476 crore from document registrations for the present financial year that will end in March 2023. Last financial year (2021-2022), the target was ₹ 2,778 crore and the zone achieved 85 % of it (₹ 2, 355 crore). The target this year includes ₹ 2,020 crore from the Coimbatore district alone. For the first five months, the zone has achieved 77 % of the target for that period.
In a normal week, the zone will realise ₹55 crore to ₹60 crore revenue and if there are more auspicious days in a month, the revenue will surpass the general trend, the sources point out. The larger number of documents registered so far this year is for both, apartments and layouts. “With seven more months in this financial year and the current trend (in real estate and property markets), the zone should be able to achieve its revenue target,” a senior official told The Hindu.
The Registration Department, which has 56 sub-registrar offices in the zone, has proposed the addition of more offices for better administration. The plan is to add 10 more sub-registrar offices in Coimbatore district, dividing it into two registration districts, six more sub-registrar offices in Tiruppur district, and one more in Erode registration district. “The proposal is with the head office and is likely to be approved shortly,” the official added.