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Khammam: Elections put damper on real estate boom
Revenue generated from real estate registrations sees significant drop of Rs 30 crore this year
Khammam: As many as 11 sub registrar offices from the Department of Stamps and Registrations in Khammam and Bhadradri-Kothagudem districts failed to generate the anticipated revenue this year marking a whopping Rs 30 crore drop in income in comparison to the previous year.
One of the most significant government ministries in terms of revenue generation is the Department of Stamps and Registration. Despite increase in documents being processed, a broader trend indicates significant decrease in real estate activities. Notably, only Rs197.31 crores were obtained in both districts this year from registrations, compared to Rs227.34 crores in the previous year.
Slow registrations may be attributed to delays in actual business, the code’s implementation during the Assembly and Lok Sabha elections, the cap on cash transactions of Rs50,000, and the observation of bank activities among others.
In the districts of Khammam and BhadradriKothagudemupto47,102 documents were processed at the sub registrar offices through March of last year, while 43,651 documents were handled through March of this year.
Meanwhile, the revenue from registrations for the Khammam District Registrar’s Office was recordedat Rs 108.65 crore last year, with a total of 15,416 papers registered. In comparison, only 13,513 documents were registered this year with the income totalling Rs 92.75 crore. Documents are mostly processed in the registrar’s offices of Khammam rural and Kusumanchi in the district.
Meanwhile, at the sub-registrar’s office of Kusumanchi, 5,242 documents were processed last year and an income of Rs.14.64 crore was received.This year, despite 6,067 documents being processed, the income was only Rs.13.13 crore.
In addition, at Khammam Rural Sub-Registrar’s office, 6,558 documents were processed last year and an income of Rs25.84 crores; while this year, 5001 documents were processed and an income of Rs 21.75 crores was generated.
In Kothagudem, last year’s income was Rs34.64 crores and this year it was Rs27.30 crores.
Speaking to The Hans India, a senior citizen of Khammam KV Ranga Rao said, “With both Assembly and Lok Sabha elections this time along with the formation of a new government in the state, the registrations in the district have reduced. The boom of real estate fell down in the last six months this financial year due to the political development of the state,” he added.
