Revenue through property registration at a 5 year high

The government’s revenue of 9,854 crore from property registrations in the past nine months is the highest in the last five years from 2017. April to December 2021 revenue was 43% more than in 2020 (6,881 crore) and 19% more than the pre-Covid year of 2019 (8,267 crore). Registration department sources said the revenue is likely to touch 15,000 crore by end of March, 2022.

December 2021 also saw the highest revenue from land registration in the past four years at 1,405 crore.

Chennai and suburbs are witnessing a spike in new launches. More than 40% of the revenue from property registrations in 2021 was from the Chennai zone comprising the city and neighboring districts.

Knight Frank India said 7,900 housing units were sold between April and December in the Chennai real estate market. In 2021 as a whole, 12,783 housing units were launched.

Flat promoters association (Chennai south) vice-president R S Balaji said supply of housing units at present was more than demand from homebuyers as several projects had been completed after pandemic restrictions were lifted after the second wave. “Currently, customers have multiple choices if they want to buy an apartment in the southern and western suburbs,” he added.

Suresh Krishn, president of CREDAI (Tamil Nadu chapter), said that there would be a ‘short term’ impact on housing sales due to the lockdown restrictions in view of the third wave. The impact will depend on the number of days the restrictions are in place. Demand will revive after the curbs are is eased, he said.

Srinivas Anikipatti, senior director, Tamil Nadu and Kerala, at Knight Frank India, said the number of bookings will be less during the lockdown days when there is no access to registration offices.