The State is continuing to register an impressive growth in terms of revenue from the Registration and Stamps department, which reported transactions worth around ₹600 crore during the current month with still four days to go.
Senior officials are hopeful that there would be further rise in revenue during March, the month which normally witnesses spurt in activity. “The month marks the end of the financial year. There will be other factors like capital gains that will have a positive impact on the revenues of the department,” a senior official told The Hindu .
Revenue from the Registrations are on the rise since the government allowed registration of agricultural land through Dharani and non-agricultural properties in the normal mode. The government had earned ₹456 crore revenue — ₹375.99 crore through sale deeds and registration of open plots and another ₹80.99 crore through other charges — since December after the restrictions on registrations were relaxed.
The total revenue through the registration and stamps during the current financial year so far, according to senior officials, is in excess of ₹4,100 crore. This was way short of expectations of achieving ₹10,000 crore revenue projected in the budgetary estimates. Officials, however, point out several factors other than the impact of COVID pandemic behind the shortfall.
While the pandemic slowed down registration processes, the government’s decision to halt registration owing to enactment of new revenue laws brought the process to a grinding halt.
“Initially the increase in the market value of land was factored in while finalising the budget estimates which did not materialise,” the official said.
Officials said that normalcy was returning in the registration processes as several relaxations had been announced and more features were being added to the Dharani portal on a regular basis. The department is hopeful of netting close to ₹5,500 crore by the end of the current financial year.
