Revised guideline value of properties by next month

The revised guideline value of properties all over the State is expected to be finalised in a month.

A few weeks ago, the figures of the draft guideline values were published and public comments invited. They are available at the offices of the sub-registrars.

On receipt of public opinion, the guideline values may be fine-tuned and another draft version of the proposed values will be published for comments. The final version will be made public only after going through this process.

The entire exercise is likely to take one more month, according to an official of the Registration Department.

The previous revision of the rates was carried out with effect from August 2007. Besides, the revision of rates was done twice in the last 10 years – April 2002 when urban areas alone were covered and April 2003 when the entire State was covered.

Talking of the registration of documents during April-September, the official acknowledges that the rise has been marginal, compared to what it was in the corresponding period last year.

Between April and September this year, 16,21,229 documents were registered, an increase of about 25,000 documents.

This showed a rise of 1.5 per cent. In terms of revenue collection, the Department netted Rs.2,805.07 crore between April and September this year against Rs.2,368.73 crore during the same period last year, a growth rate of 18.4 per cent.

The perceptible rise in revenue has been attributed to hike in registration fees and stamp duty effected in July.

Notwithstanding the sluggish trends, the official is hopeful that registration will pick up in the coming months as it is during the second half of financial year that greater business in the real estate industry is done.

A perusal of the pattern of the growth in revenue collected in the first six months of financial year through the registration of documents reveals that since 2001-2002, there was a positive growth rate except in 2009-2010.

The growth rate ranged from the minimum of 3.4 per cent in 2004-2005 to about 25 per cent the next year to around 32 per cent in 2007-2008 to 40 per cent in 2010-2011.

In 2009-2010, the revenue collection saw a negative rate of around 27 per cent when the real estate market was hit by the global meltdown.

The authorities have assessed this year's total revenue to be around Rs.6,493 crore.

Last year, it was Rs.5,020 crore, an increase of around 32 per cent. As many 32.8 lakh documents were registered, a rise of about 20 per cent.