Chennai Property Registration Revenue At A 5-Year High

The government’s revenue of 9,854 crore from property registrations in the past nine months is the highest in the last five years from 2017. The 2021 April to December revenue was 43% more than in 2020 (6,881 crore) and 19% more than the pre-Covid year of 2019 (8,267 crore). Registration department sources said the revenue is likely to touch 15,000 crore by end of March, 2022. December 2021 also saw the highest revenue from land registration in the past four years at 1,405 crore. Chennai and suburbs are witnessing a spike in new launches. More than 40% of the revenue from property registrations in 2021 was from the Chennai zone comprising the city and neighbouring districts. Knight Frank India said 7,900 housing units were sold between April and December in the Chennai real estate market. In 2021 as a whole, 12,783 housing units were launched.  Srinivas Anikipatti, senior director, Tamil Nadu and Kerala, at Knight Frank India, said the number of bookings will be less during the lockdown days when there is no access to registration offices.