Upward revision of market values of lands apparently had marginal impact on the land related transactions in the State as the registration offices witnessed heavy rush of buyers/sellers on Tuesday.
There was slight decline in the number of transactions to 7,000 as compared with the 8,000 transactions witnessed during the same day last year. But the revenue earned by the department continued to be on the higher side.
The Registration and Stamps department witnessed over 10,000 transactions on a single day on January 31 registering revenue in excess of ₹ 110 crore a day ahead of the revision of market values. The intensity of the transactions continued on Tuesday, the day when the revised values became effective, with the department registering around ₹100 crore worth revenue for the second consecutive day.
Senior officials said the total revenue earned on February 1 was ₹ 224.36 crore and this included adjustment of large amount of revenue earned during the previous day. In the process, the department is constantly inching towards the target of ₹ 12,500 crore set for it in the current financial year.
The total revenue earned by the department as of February 1 was in excess of ₹ 9,800 crore with two more months left for the completion of the fiscal year. In comparison, the department could generate ₹ 5,260 crore revenue for the entire year in the fiscal 2021-22. The total number of documents processed during the first 10 months of the fiscal is pegged at 16.28 lakh.
There was heavy rush for registrations in the last three months with the department realizing ₹ 1,138 crore in November, ₹ 1,261 crore in December and ₹ 1,351 crore in January. This was against ₹ 88.39 crore in November, ₹ 995 crore in December and ₹ 583 crore in January last year.
Officials, however, were not forthcoming to hazard a guess on the impact of the revised market values on the revenue in the next two months. “It is too early. We are expecting the transactions to pick up after the full moon,” was how a senior official replied when asked.