Property registrations in the state showed some staggering facts . While the value of land registrations dropped by 3.6% when compared with 2019-20, the number of documents registered went up by 4% compared to the previous year.
According to official data with the registration department, revenue to the tune of 10,643 crore through stamp duty and registration fee was recorded between April 2020 and March 2021. The data revealed that the Chennai zone comprising the city, Chengalpet, Kancheepuram and Tiruvallur districts had revenue dropped by more than 1,000 crore when compared to 2019-20, which is a dip by 21.4%.
The Chennai zone used to contribute about 45% of the total revenue through property registrations across Tamil Nadu during the pre-Covid times.
“The Chennai zone records the highest property transactions in terms of value. But, in 2020, it plunged and it had an impact on the overall revenue through land registrations,” the official said. The number of documents registered decreased by 11.6% in the Chennai zone.