Vijayawada: Realty sector sees 35% growth

Vijayawada: The state registered a growth of more than 35 per cent in real estate sector compared to last year with more than Rs 1,000 crore revenue being posted in March itself, said special chief secretary to government, registration and stamps, Rajat Bhargava. He said the state government was committed to the development of real estate sector and keeping it in mind, has not revised the market value of lands after 2020.

In a statement here on Friday, Rajat Bhargava said at the time of state bifurcation in 2014-15, the revenue earned by registration and stamps department was Rs 2,874.44 crore as against the target of Rs 3,404.53 crore (84.43 per cent).

It is Rs 3,585.12 crore in 2015-16, Rs 3,457.96 crore in 2016-17, Rs 4,242.23 crore in 2017-18, Rs 4,724.75 crore in 2018-19, Rs 4,895.15 crore in 2019-20, Rs 5,399.41 crore in 2020-21 as against the target of Rs 6,336 (85.22 per cent) and for the present year 2021-22 it is Rs 7,327.24 for the target of Rs 7,327 crore (91 per cent). It is around Rs 2,000 crore more than the previous year's Rs 5,399.41 crore.

The special chief secretary said there was no revision in market value of lands. He said 13.70 lakh documents were registered in 2014-15 while the number was 20.76 lakh for this financial year of 2021-22.

This financial year, 3.56 lakh more documents were registered when compared to last year 2020-21 (17.20 lakh). The sale, settlement and mortgage documents are the major classification of the documents registered.

Rajat Bhargava said Government of India mandated National 'e' Governance Service Limited (NeSL) as a repository of legal evidence for financial credit contracts. The NeSL has created an IT platform referred to as Digital Document execution (DDE) which enables any time anywhere execution of loan agreements.

Accordingly, an MoU was signed between the registration and stamps department and NeSL. The NeSL provides automated electronic/ digital systems and solutions for enabling real time de-materialised e-signing and digital e-stamping for digital documents, contracts by lending agencies.

Rajat Bhargava said the state government notified 37 village/ ward secretariats as sub-registrar offices and panchayat secretaries as sub-registrars. The public data entry (PDE) system is modified to suit the requirements of the users and made simple and user friendly.

The PDE module is made available to repeat customers such as bankers, PACS, TIDCO and realtors along with general public. They can feed the data relating to their transactions through PDE and come down to the registering officer with ID so that the time at the office to get their work done is reduced to minimum. The work of those come with data entered through PDE will be attended first to encourage usage of PDE.

He said as part of the new initiatives, the government selected M/s WBSP Ltd through e-procurement and Letter of Intent ( L.O.I) for digitisation of legacy records since 1850s in the department of around 15 crore pages in order to preserve them safely and make them available to public when needed. The NIC, Pune, developed a software to provide registration services at all SROs in the state under the NGDRS scheme. It is being in test checked in SROs in Kankipadu and Renigunta. Upon completion the software will be rolled out in the state.

He said under one-time settlement scheme announced by the government, the registratins and stamps department approved 4.36 lakh documents sent through village/ward secretariats up to March 31. He said the department is fixing CC cameras at all the SROs and streaming them to heads of the department.