VIJAYAWADA: Showing a recovery path of the realty sector, the Stamps and Registration Department has registered 35% growth in 2021-22 compared to the previous financial year. In 2021-22 fiscal, the department has earned a total revenue of Rs 7,327.24 crore, which was beyond the revised target of Rs 7,200 crore.
It can be seen as a big achievement to exceed the revised revenue target. The total revenue is around Rs 2,000 crore more than the previous fiscal (2020-21), when the department could earn Rs 5,399.41 crore only.
The department has achieved growth despite no revision in the market value of land in the past two years, Special Chief Secretary (Stamps and Registration) Rajat Bhargava informed on Friday.
At the time of bifurcation of Andhra Pradesh in 2014-15, the revenue achievement of AP Stamps and Registration Department was Rs 2,874.44 crore against the target of Rs 3,404.53 crore (84.43%).
Asserting that the government is committed to the welfare of the people and improvement of services, besides ensuring the growth of the realty sector, Bhargava said keeping this in mind the market value has not been revised after 2020.
He said 13.70 lakh of documents were registered in 2014-15. The total number has gone up to 20.76 lakh in 2021-22. And 3.56 lakh more documents have been registered in 2021-22, compared to 17.20 lakh in 2020-21.
The Sale, Settlement, and Mortgage documents are the major categories of the registration, he said. By the end of March 2022, AP has registered a growth of more than 35% over the previous fiscal. Also for the first time, AP has recorded a rise in average revenue per month showing a boom in the realty sector and the government is committed to providing further impetus to it, he said.
Explaining the reforms rolled out in the department, Bhargava said the State government notified 37 village/ ward secretariats as sub-registrar offices and designated panchayat secretaries as sub-registrars. He further said the Public Data Entry (PDE) system has been modified to suit the requirements of users and made simple and user-friendly.
The PDE module is made available to repeat customers such as bankers, PACS, TIDCO and realtors along with the general public. They can enter the data relating to their transactions through PDE and visit the registrar officer with the ID so that the dwell time at the office to get their work done can be reduced to a minimum. The work of those who come with the data entered through PDE will be given priority to encourage the usage of PDE, the Special Chief Secretary added.
Revision of market value of land unlikely
The AP government, which has not increased the market value of land for the past two years, is unlikely to revise the market value this year also. Sources told TNIE that the State government does not want to discourage the real estate sector and may not increase the market value of the land.
Rubbishing the allegations that the YSRC government policies are hampering the growth of real estate sector, the sources said the increase in revenue reflects the facts. Despite no revision of market value, the revenue has been increasing year by year. The government is expected to continue the existing market value of the land.
New initiatives
WBSP Ltd was selected through e-procurement for digitalisation of legacy records of around 15 crore pages in the Stamps and Registration Department since 1850 in order to preserve them safely and make them available to public when needed NIC, Pune developed a software application to provide registration services at all SROs in the State under the National Generic Document Registration System. It is being tested in SROs at Kankipadu and Renigunta and feedback shared with developer
Under the One Time Settlement (OTS) scheme, the Stamps and Registration Department has approved 4.36 lakh documents sent through village/ward secretariats till March 31, 2022