The Prestige Park Drive property registrations and transactions clearly showing an upward trend from the number received from stamp and registration duty collection. The month of august has collected more than the same month previous year though fell short of the target for the current year. The department earned 80% of the estimated target amounting to Rs.946 crore.
KP Mohan Raj, Inspector general of registrations and commissions also voiced hope as the daily registrations are picking up with each passing month. The closure of some of the sub-registrars due to covid also affected the revenue.
The upward trend is a positive sign especially after government incurred a loss of about 200 crore for the months of May-June as the registrations didn’t show much increase due to the pandemic. Government reopened all the sub-registrars by April end with covid related restrictions.
Revenue minister R Ashok was of the opinion that the real growth in transactions is yet to begin and would take a quarter more to come to conclusion.
Some of the established realtors were of the opinion that the upcoming festival season will show an upward push for the revenue as the enquiries has rising steadily though getting back to pre-covid level may take some more time.