The Tamil Nadu authorities has earned Rs 13,913.65 crore in property registration income in FY22, a rise of 31% over the Rs 10,643.08 crore collected within the earlier yr.
This is the highest-ever income collected up to now 10 years. The variety of properties registered throughout FY22 elevated 11.22% to 29,98,048 from the 26,95,650 paperwork registered throughout 2020-21, mentioned the stamps & registration coverage be aware ready by Tamil Nadu’s business taxes and registration division.
Kanchana Krishnan, MD, Chennai, at Colliers India instructed FE that the residential sector is witnessing tailwinds amid a major rebound in gross sales momentum after a protracted interval of ups and downs. Chennai has proven vital progress in launches and gross sales and has by far exceeded the pre-pandemic common.
In FY21, Tamil Nadu’s property registration income had slipped 3.49% to Rs 10,643.08 crore from Rs 11,028.23 crore in FY20.
Krishnan mentioned: “Buyers are actively returning to the market due to the waning impact of the pandemic, low interest rates, positive sentiments and an increasing inclination towards home ownership. We expect the residential sales momentum to continue through 2022, while we expect traction in premium housing categories there will be a steady demand for housing units priced between Rs 35-75 lakh and the trend is likely to push up the demand for affordable and mid-end segments in 2022.”
Other than property income, the division collected Rs 413.38 crore in FY22 from registration of marriage, societies, chits, marketable securities and insurance coverage coverage paperwork, and costs corresponding to charges for delivery and demise certificates.
Source: www.financialexpress.com”