VISAKHAPATNAM: The district has only achieved 64.21% of the revenue target fixed from property registration for October in the current financial year.
Against the set revenue target of Rs 98.09 crore from property registration for October from nine sub-registrar offices in Visakhapatnam district, Rs 62.98 crore has only been realised.
Though there has not been much decline in revenue from property registration, it has fallen short of the fixed target, prompting the official machinery to step up efforts to accrue more revenue in the coming months.
Of the total nine sub-registrar offices (SROs) in the Visakhapatnam district, only Gajuwaka SRO has achieved the 100% revenue target.
Against the set target of Rs 8.22 crore for October, Gajuwaka SRO has achieved a revenue of Rs 8.27 crore. Though a major portion of revenue was expected from Madhurawada Sub-Registrar Office and Visakhapatnam Registrar Office, the two have been way behind the set target.
Madhurawada SRO has accrued revenue of Rs 13.16 crore against the target of Rs 24.3 crore, realising only 54.17% of the target. The same is the case with Visakhapatnam RO, which has only achieved 46.5% of the target. However, Gopalapatnam has fared comparatively better by achieving 57.6% of the target.
Dwarakanagar, Pendurthi and Pedagantyada SROs have realised an average target of 68%. Anandapuram and Bheemili SROs have marginally fallen short of the set revenue target.
The district has so far earned a total revenue of Rs 504.82 crore from property registration against the target of Rs 731.69 crore for the financial year 2023-24. It has registered a growth in total revenue this financial year compared to that accrued during the corresponding period last fiscal. In 2022-23, Visakhapatnam earned a total revenue of Rs 456 crore.
According to officials of the Stamps and Registration Department, the revenue from property registration is dependent on multiple factors, including volatile market conditions. However, they have exuded confidence in exceeding the property registration target for the current fiscal.