Tamil Nadu’s income from stamp responsibility and registration fees was ₹1,064.62 crore in September this 12 months, a tad greater than ₹1,056.17 crore in the identical month final 12 months.
This is the second straight month of constructive development for the reason that lockdown was imposed to curb COVID-19 in mid-March, indicating a rebound in the demand for property.
In August this 12 months, the income from stamp responsibility and registration fees rose to ₹792.65 crore from ₹786.84 crore in the identical interval final 12 months, in accordance with the info from the Department of Registration.
In April this 12 months, the income from stamp responsibility and registration fees had tanked nearly 97% to ₹23.61 crore from ₹761.81 crore in April 2019, amid the entire lockdown.
The declining development continued in May, June and July. The income development from stamp responsibility and registration fees is the proxy to actual property demand.
A senior official mentioned the property demand had come again strongly in August and September.
“There was a pent-up demand amid the complete lockdown in April and May, which brought activities to a stand still. With the number of relaxations allowed and more number of auspicious days, the revenue has been positive in August and September [when the e-pass system for inter-district travel was scrapped],” officers of the Department of Registration mentioned.
The variety of paperwork registered elevated to 2,98,956 in September this 12 months from 2,38,978 in the identical interval final 12 months. In August this 12 months, the variety of paperwork registered rose to 2,17,070 from 2,00,649 in the identical interval final 12 months.
Sanjay Chugh, metropolis head-Chennai, Anarock Property Consultants, mentioned the discount in rates of interest for dwelling loans and incentives provided by builders had helped to revive the property demand. “The pent-up demand is getting reflected now. With interest rates being lower and incentives from some quality builders in the market, it may be the right time to buy a house,” he mentioned.
Sridharan, chairman of CREDAI, Tamil Nadu, mentioned the demand had come again strongly. “The lockdown relaxations, especially the opening up on Sundays, have increased site visits. People who were waiting on the sidelines are now actively considering buying a house, and the inquiries have gone up significantly,” he mentioned.
But he referred to as for a discount in the registration payment and stamp responsibility, which is at 11%.
CREDAI has made a illustration to Chief Minister Edappadi Palaniswami and Deputy Chief Minister O. Panneerselvam (who holds the Housing portfolio) to deliver down the registration payment and stamp responsibility to six%, with none additional change in the rule of thumb worth, which has already been diminished by 33%.
Mr. Sridharan identified that the discount in the stamp responsibility had a constructive impression in Maharashtra. “The reduction in the stamp duty will boost home-buying, as the benefit directly goes to the consumers. This will improve the volume of registration, which in turn will increase revenue to the government.”