March is turning out to be a month of bounty for the registration department which has witnessed over 1 lakh property registrations by the middle of the month and also achieved 100% of its revenue target for financial year 2021-2022.
A registration official attributed the trend to property buyers’ rush to complete the formality before the announcement of the Ready Reckoner rates and implementation of the 1% Metro cess by the state government in April. The official said property registration offices would be kept open on Holi and during weekends, as requested by realtors, to tide over the buyers’ rush.
Statistics shared by the registration department revealed that over 1.2 lakh properties were registered between March 1 and March 15, generating a revenue of more than Rs 1,981 crore. While December 2021 witnessed 2.4 lakh property registrations, January 2022 saw 2.1 lakh and February 2.2 lakh. The official said the figures were likely to be cross the 2 lakh-mark in March, too.
High-value registrations helped the department meet its revenue targets with October 2021 (Rs 3,220 crore), December (Rs 3,790 crore) and February 2022 (Rs 3,176 crore) logging higher than the usual Rs 2,500-Rs 2,600 crore generated on a monthly basis. All this helped the registration department surpass its revenue target (Rs 29,000 crore) for 2021-2022 by the middle of March (Rs 29,097 crore) itself.