Demonetisation has caused a revenue loss of around ₹608.78 crore to the State government, through the Department of Stamps and Registration, following a drastic dip in sales of immovable property.
Against a target of ₹2,444.01 crore, the district registrar and the sub-registrars, across the State, have collected just ₹1,835.23 crore in stamp duty and registration fees between November 1, 2016, and February 6, 2017, according to officials at the Department of Stamps and Registration.
A senior officer told The Hindu from Bengaluru: “The total target achievement remained at 75.09% owing to the unexpected plunge in the sale of property.”
The real estate sector in Karnataka was severely hit after the demonetisation move on November 8, 2016.
The loss is expected to cross ₹1,000 crore during the current fiscal year and ₹4,000 crore by the end of 2017, another officer said.
The sale/resale of residential plots, houses, commercial buildings and agricultural lands has come down, significantly.
As many as 5,07,625 properties were registered between November 1 and February 6 in 2015-16.
However, the offices have seen just 3,83,409 registrations during the same period in 2016-17.
Revenue collection from various other forms across the State has also witnessed a dip since demonetisation.
Atalji Janasnehi Kendras, across the State, used to fetch around ₹50 lakh per month as fees to issue certified copies of Record of Rights, Tenancy and Crops (RTC), mutation of properties, mutation status, khata transfer, alienation and other services.
Post-demonetisation, the revenue has come down to around ₹30 lakh a month, a sub-registrar told The Hindu . The kendras used to receive around 2 lakh applications for encumbrance certificates, family tree and other documents as they are mandatory for applying for loans. However, the number has dipped by 30% after demonetisation, which is also causing a loss to the State exchequer badly, the officer added.
