CHENNAI: While land registration across the state is on the rise, revenue through property transactions in Chennai and neighbouring areas has recorded a drop of 13% due to the Covid-19 pandemic. Chennai zone, comprising Chennai, Chengalpet, Kancheepuram and Tiruvallur districts, contributed an average 45% of the total registration department revenue last year. This has dipped to around 32% in 2020. However, a spike in land transactions in Coimbatore and Madurai regions has helped compensate the plunge in Chennai zone. As per official data, revenue recorded between September and November through registration fee and stamp duty exceeded Rs 1,000 crore every month, with October recording the highest income of Rs 1,100 crore. Between April and November, the government has generated revenue of Rs 5,690 crore. Chennai zone’s share, however, has nosedived 13%. Registration department sources blamed the plunge on the pandemic. “Zone-wise comparison revealed that Coimbatore and Madurai zones have compensated for the revenue fall in Chennai and its neighbourhood,” a senior official told TOI. Coimbatore zone’s contribution stands at nearly 20% of the total income of the registration department and Madurai zone’s share at 11%.Asked whether a jump in sale of agriculture land in southern and western districts resulted in… Read full this story
- Online B2B commerce company OfBusiness raises Rs 75 crore
- Tata Sons stake in Tata Motors to rise to 43.73% post Rs 6,500 cr preferential issue
- Tata Sons stake in Tata Motors to rise to 43.73% post Rs 6,500 crore preferential issue
- What India needs to do with e-cigarettes: Tighter regulations or complete ban?
- Profit Top 10: As inflation soars, markets, rupee tumble
- Fully prepared to meet any impact of RBI and NHB guidelines: Yashpal Gupta, Repco Home
- Real estate: Here are 9 smart Indian cities to invest in
- Shobana Kamineni clarifies on Apollo Pharmacy demerger reports
- Bollywood anticipates festive cheer amidst slowdown
- BMRCL looks to sell naming rights of stations
Tamil Nadu nets Rs 5,690 crore from land registrations between April & November have 294 words, post on realty.economictimes.indiatimes.com at December 25, 2020. This is cached page on Drudgereport. If you want remove this page, please contact us.