Boom time: AP’s realty revenue skyrockets
Hyderabad : The real estate boom in Andhra Pradesh brought an additional Rs 846 crore revenue to the state government through land registration and stamp duty during the financial year 2015-16. The real estate revenue was an all time high with the state government earning Rs 3,578 crore, which is Rs 846 crore more than the Rs 2,732 crore it had earned in the previous financial year.
“There was a surge in land transactions during 2015-16. The number of documents registered increased substantially in Krishna and Guntur districts. Also, almost all districts reported more number of registrations compared to last year,” said a senior official in the registrations department.
The high dluremand for land in the capital region notwithstanding, Visakhapatnam continued to be the most aling destination regarding real estate. The district recorded the highest ever revenue during 2015-16 at Rs 513.81 crore, against the previous year’s Rs 480 crore.
However, Guntur recorded the highest number of document registrations and reported Rs 489.79 crore revenue through registration of 2,07,366 land documents. On March 31, the last day of the financial year, Guntur registered a record 8,760 property registrations.
Revenue officials disclosed that the recent revision in market value of land and plugging of loopholes in sub-registrar offices had resulted in the higher income. They pointed out that increased buying by non-resident Indians in and around the new capital region had fuelled the land prices and registration revenue. “More NRIs are buying land in AP after the bifurcation. Krishna, Guntur and Prakasam have reported 100 percent increase in land prices. West Godavari also reported increase in land prices and registration revenue,” said a senior official.
East Godavari district topped the list of e-registrations. Chittoor, Nellore and Anantapur reported more than 50 per cent increase in land registration revenue while Srikakulam stood last with Rs 68 crore revenue.
The state government also increased the stamp duty and the market value of land. The stamp duty was increased to 5% from 4%. The land registration fee, which was at 0.5% of the market value, was hiked to 1%.