HYDERABAD: Riding on the recovery of the Hyderabad real estate sector, the department of registration has posted a whopping 25 per cent increase in revenue from property registrations in the financial year 2015-16.
While Rs 2,747 crore had been earned from property registrations in 2014-15,
Rs 3,450 crore was earned in the financial year that came to a close on Thursday, posting about 25 per cent rise. With more than two-thirds of the state’s total income coming from the Hyderabad region, including Greater Hyderabad municipal limits and Hyderabad Metropolitan Urban Development Authority limits, the whopping rise in income from registrations became possible thanks to the recovery of the Hyderabad real estate sector.
In the state capital region, Rs 1,840 crore was received from property registrations in the last financial year and about Rs 2,355 crore this year, a rise of about 30 per cent.
In regard to documents registered, about 8,34,000 documents were registered last year and 10,71,213 this year all over the state.
Besides Hyderabad, owing to the special attention shown by chief minister K Chandrasekhar Rao on Yadagirigutta, the income from property registrations in Nalgonda district also has risen by 30 per cent. Khammam and Mahbubnagar districts too posted a rise of 32 per cent and 24 per cent in revenue respectively from property registrations. Tier-two cities Warangal and Karimnagar, which are considered next in priority by the government, saw about 15 per cent rise.
“The huge rise in income from property registrations in the state is more significant because neither registration charges have been hiked nor property and land prices revised this year. The increase in income was possible due to stability in governance and recovery of the Hyderabad realty sector as the capital region contributes to two-thirds of revenue from registrations. We have not expected such a huge growth,” said Vemula Srinivas, deputy inspector-general of registration and stamps, Hyderabad.