Hyderabad: Registrations fetch Rs 4 crore in a day

Hyderabad: After liquor, property registrations have become another source of revenue source for the crisis-hit Telangana.

Registration of properties picked up from Thursday and people rushed to the Stamps and Registration offices, which resumed operations in full capacity on Thursday.

In the Greater Hyderabad limits, the number of registrations done is considerably good when compared to other parts of the state.

On Thursday alone, the Registrations department fetched Rs 4 crore by clearing nearly 1,600 registrations pending at different levels.

In Hyderabad, land transactions are on fast pace when compared to the flat sales in the new apartments. Most of the land agreements were entered before the enforcement of the lockdown in March end. Now, the registration of the land assets was being cleared.

In the districts - mainly Karimnagar, Warangal, Nizamabad and Khammam, the registration of residential plots is high. Agricultural land sale was almost nil.

In the normal days, the T state collected Rs 12 crore to Rs 15 crore revenue from property registrations on working days, officials said, adding that the government has targeted increase of the revenue to Rs 20 crore everyday (average) in the current financial year.

The government is expecting that the revenue from registrations will go up slowly to Rs 10 crore by May end.

The officials said that all the staff working with the Registrations department was asked to attend to the duties.

Online services to check the authenticity of the documents submitted by the sellers and buyers was also resumed. The only big challenge is the availability of adequate notary agents at the Registration offices.

Without notary, registration of the property will not be done. In view of the continuation of the lockdown and virus scare, most of the notaries are not willing to resume operations at the offices. The officials said that enough safety measures are being taken at the offices from Friday.