HYDERABAD: Dusting away the impact of demonetisation, land registration fee and stamp duty revenues swell for Telangana stamps and registration department. The revenue of the department has increased by Rs 133 crore for 2017-18 financial year. However, the rise in revenue does not mean recovery in the number of land registrations.The stamps and registrations department had collected a total revenue of Rs 3,263 crore in the financial year 2016-17.
The department has generated a surplus revenue of Rs 133 crore for 2017-18 when compared to the same in the period between April and September 2016-17. But land registrations showed a drop of 78,501 numbers in the same time period.Before demonetisation, registration of lands had recorded a 35 per cent growth up to September 2016, the highest since the formation of Telangana. After deomonetisation, registrations dropped by 63 per cent in November 2016. However, the state government soon started accepting banned currency for stamp duty and registration.
“There has been an increase in the overall revenue and we can say that the effect of demonetisation has subsided in Telangana,” said Vemula Srinivas, deputy inspector general of registration and stamps department, Hyderabad. There has also been an increase in digital payments to the department. “Close to 40 per cent of the payments are digital and 60 per cent is cash payments,” he added.
The locality with the highest land transaction value was recorded at Jubilee Hills, with the IT corridor being identified as a growth corridor. “Hyderabad, as such, is showing positive signs. The demonetisation impact remained only for three months after which things are now back on track. We expected a long-term impact of six months to one year. Land transactions have often been used an indicator of the growth of the state. The department earns less revenue but its impact on society is huge,” added Srinivas.
5,10,667
Total documents registered during April-September 2018
Rs 1,352 cr
Total stamp duty revenue
Rs 425 crore
Transfer duty share to local bodies at 1 pc of market value
Rs 178 crore
Registration fee
Rs 1,955 crore
Total revenue
5,89,168
Total documents registered during April-Sept 2016
Rs 1,293 crore
Total stamp duty revenue
Rs 356 crore
Transfer duty share to local bodies at 1 pc of market value
Rs172 crore
Registration fee
Rs 1,822 crore
Total revenue