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Revenue loss with fall in property registrations in Tirupati
The Stamps and Registrations department has suffered a revenue loss in Sri Balaji Registration district due to the impact of demonetisation. Registrations declined sharply from November 2016 to January 2017. During the financial year, the department could earn revenue of Rs 136 crore as against the target of Rs 224 crore, only 60 per cent of the actual target.
Tirupati: The Stamps and Registrations department has suffered a revenue loss in Sri Balaji Registration district due to the impact of demonetisation. Registrations declined sharply from November 2016 to January 2017. During the financial year, the department could earn revenue of Rs 136 crore as against the target of Rs 224 crore, only 60 per cent of the actual target.
Highlights:
- Sri Balaji Registration district achieved only 60 per cent target.
- We could have achieved at least Rs 165 to Rs 170 crore sans demonetisation, says District Registrar VSR Prasad.
Buyers and sellers have stayed from buying and selling properties for 3 months fearing that they would come under the scanner of the Income Tax department. The impact was very severe on realty sector, said a real estate agent P Lakshmipathi. The main revenue yielding offices in Sri Balaji Registration district are Tirupati Urban, Tirupati Rural, Renigunta, Chandragiri, Sri Kalahasti and Puttur. Normally, the revenue from these offices helps the district in recording profits. But all these offices witnessed a steep fall in income.
The District Registrar VSR Prasad told The Hans India that they could have achieved at least Rs 165 to Rs 170 crore if there was no impact of demonetisation. He said that people are still having apprehensions about the Income Tax department. He further said that the department revises property values every year in the month of August for urban areas. In rural areas, the values are revised once in two years in the month of April, he added. The property values were revised last time was in April 2015.
Senior document writer Shaik Sabjan said that they had a tough time for almost three months which he never witnessed before. Real estate sector was the worst hit during demonetisation, he said and adding that there are many anomalies in the valuations. In some areas, the government value is more than the actual purchase value whereas in some other areas the reverse is the case, he said.
By V Pradeep Kumar
