Chennai: The rise of steady from the real estate sector after the second wave of Covid-19 has been reflected in the income produced through property registration, which has touched the highest new in September.
Income from registration of property and land in Tamil Nadu in September almost rs 1,500 crore – highest in a month every year.
The data sourced from the registration department showed that September revenues contributed 25% of the total revenue produced between April and September this financial year (2021-22).
While the last seven months witnessed revenue against Rs 5,973.9 Crore, September alone contributed Rs 1,495.9 Crore.
Collection of previous recording income in February 2021, when Rs 1,386.6 Crore was produced through stamp duty and registration fees.
It is separated, more than 3.6 lakh documents registered in September – the fourth highest count since 2011.
The Chennai zone consisting of the city, Chengalpet, Kancheepuram and the Tiruvallur district has contributed around 45% of total income, according to official sources with the department registration.
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That number is average during the pre-covid level.
“The real estate boom recently is one reason for income surge.
Relax locking restrictions on the second wave Covid-19 also helps,” said a senior registration department official.
September, in general, watched uptick for property registration after the August break.
In the past four years including Covid Year 2020, property registration has increased.
September 2018 saw Revenue Rs 915 Crore from Registration, RS 1,061 Crore in 2019 and 1,087 Crore Rs in 2020.
Suresh Krishn, President (Tamil Nadu Chapter) from the Confederation of the Indian Real Estate Developer Association (Credia), the word real estate market in Chennai and neighboring districts have leaps in the number of apartments, villas and housing plots sold in the last three months compared to previous years.
“We expect further increase in sales over the coming months,” he added.