The Tamil Nadu government has earned Rs 13,913.65 crore in property registration revenue in FY22, an increase of 31% over the Rs 10,643.08 crore collected in the previous year.
This is the highest-ever revenue collected in the past 10 years. The number of properties registered during FY22 increased 11.22% to 29,98,048 from the 26,95,650 documents registered during 2020-21, said the stamps & registration policy note prepared by Tamil Nadu’s commercial taxes and registration department.
Kanchana Krishnan, MD, Chennai, at Colliers India told FE that the residential sector is witnessing tailwinds amid a significant rebound in sales momentum after a prolonged period of ups and downs. Chennai has shown significant growth in launches and sales and has by far exceeded the pre-pandemic average.
In FY21, Tamil Nadu’s property registration revenue had slipped 3.49% to Rs 10,643.08 crore from Rs 11,028.23 crore in FY20.
Krishnan said: “Buyers are actively returning to the market due to the waning impact of the pandemic, low interest rates, positive sentiments and an increasing inclination towards home ownership. We expect the residential sales momentum to continue through 2022, while we expect traction in premium housing categories there will be a steady demand for housing units priced between Rs 35-75 lakh and the trend is likely to push up the demand for affordable and mid-end segments in 2022.”
Other than property revenue, the department collected Rs 413.38 crore in FY22 from registration of marriage, societies, chits, marketable securities and insurance policy documents, and charges such as fees for birth and death certificates.
from | The Financial Express https://ift.tt/BOafrip
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