Bangalore: While the government ruled karnataka strapped to control the fiscal deficit, there may be some relief in terms of better revenue mobilization.
Stamps and registration department, the removal of the third highest revenue for the state, has met more than 76 percent of its earnings targets for the fiscal year 2021-2022, which is also an indication of the booming realty sector.
Pandemic does not seem to make a dent in revenue for the coffers of the department continues to swell.
PN Ravindra, Inspector General of Registration and Commissioner of Stamps, said they had extorted Rs 9784 crore on December 31, 2021, which is higher than the target of nine months (April to December) of Rs 9,500 crore.
“We have achieved about 76 percent of the target of Rs 12 665 crore for financial year 2021-22 and is sure to surpass it in March of this year,” he added.
The department has managed to meet only 85 per cent of the target of Rs 12 665 crore in the financial year 2020-2021, “said a senior official.
In the last six months alone, the government has scored Rs 7,000 crore, which is double the revenue obtained during pre-covid.
the number of property registration has increased after the government ease Covid Trab in June last year even as the sub-registrar’s office to work with limited staff strength.
B’luru, MYS contribute 60% of the district, Bengaluru and Mysore accounted for the Lion (60%) of revenue.
The government has not revised target of 2020-21 from Rs 12 665 crore since the real estate market reeling under the impact of the first wave of a pandemic, a senior official overwhelmed by the response because the earnings will remain unaffected even if the government does not consider their proposal to reduce the value of guidance last year.
the government only reduced the stamp duty for first registration of apartments costing between Rs 20 lakh and Rs 45 lakh to 3% from 5%.
Official sources say get a much higher income is likely due to present government has reduced the value of guidance by 10% across the country apply from 1 January.
Prashanth Reddy, Chairman, Expert Committee on Real Estate, said Bangalore (BCIC), said: “This is a good step, but it would be nice if they offered a SOP for one year and not three months.” Suresh Hari, Chairman, Credai Bengaluru, said cutting guide value must be extended to December because the real estate may be affected again because of the spread of new variants Covid.
CN Govindaraju, Chairman and MD, Vaishnavi Group, said the change in value of its main guidelines apply to the stock of residential and commercial buildings are available that have obtained a certificate of occupancy.
“If the government extends the SOP for nine months, it will motivate other developers to complete projects faster and get OC.
In this way, it will help the government earn a higher income in terms of registration fees and stamp duty,” he added.
Karnataka: Property revenue exceeds the target in 2021
