Property registration has been rising over across the state in the last two months comparing with the initial two months of the lockdown i.e. April & May, though the revenue is not at all close to the last year’s level.
As per the official sources, likewise the rest of the state, Chennai with its neighbouring districts are looking forward to see the growth in realty registration.
Information provided according to TOI indicates that property registration in Tamil Nadu was around Rs.30 crores in April which upturned to Rs.300 crores in May. As the lockdown controls at the moment were eased, revenue increased to Rs.655 crore in June and identified the income inflow of Rs.644 crore as in the month of July.
However, registrations are down since due to the pandemic as the revenue from registrations was Rs.920 crores and Rs.1020 crores in the previous year of June and July 2019 respectively.
Chennai zone which includes Chengalpet, Kancheepuram and Tiruvallur districts represents around 45% of the registration revenue that generated this revenue in Tamil Nadu.
A registration official stated that Chennai is not faring well due to various reasons. While they don’t share any specific information, officials have recognised a dip in property registration in the city.
The registration of new projects was most probably based on plots and villas segments in southern areas of the state, said R Ilankovan the secretary of Confederation Real Estate Developers Association of India, Tamil Nadu.
Source: TNN
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