Tamil Nadu Property Registrations Bounce To New High In Sept

Steady revival of the real estate sector after the second wave of Covid-19 has reflected in the revenue generated through property registrations, which has touched a new high in September. Income from property and land registrations in Tamil Nadu in September was nearly ?1,500 crores — the highest in a month in any year. Data from the registration department shows that, September’s income accounted for 25% of the total revenue generated between April and September of this financial year (2021-22). While the past seven months witnessed revenue to the tune of ?5,973.9 crores, September alone accounted for ?1,495.9 crores. The previous record revenue collection was in February 2021, when ?1,386.6 crores was generated through stamp duty and registration fees. This apart, more than 3.6 lakh documents were registered in September fourth highest count since 2011. The Chennai zone comprising the city, Chengalpet, Kancheepuram and Tiruvallur districts have contributed about 45% of the total revenue, according to official sources with the registration department. The figure was an average during the pre-Covid levels. “The recent real estate boom was one of the reasons for the revenue jump. Relaxed lockdown restrictions post the second wave of Covid-19 also helped,” a senior registration department official said. In the past four years including the Covid year of 2020, property registrations have increased. September 2018 saw ?915 crores revenue from registrations, ?1,061 crores in 2019 and ?1,087 crores in 2020.