Realtors make beeline to register properties: T Stir effect

Realtors make beeline to register properties: T Stir effect
By SNV Sudhir
Visakhapatnam, Dec 13, 2011: These days land registration offices across the district are bustling with activity with realtors and other land buyers making beelines to register their properties. There has been a sudden spurt of land transactions after a brief lull for 3 months in this financial year which is going to end March next year.
And thanks to Sakala Janula Samme that the land transactions in Vizag have increased filling the coffers of the state here in the form of stamp duties and land registration fees. Seeing the aggressive mode of campaign by Telangana protagonists for division of state in the form of Sakala Janula Samme during September and October realtors here made beelines to buy land in huge chunks thinking that its inevitable that the state be divided and Vizag would be the hotspot in Andhra region after the division.
Against the target of generating revenue of Rs 314 crores during the present financial year land registration officers were discouraged due to the sudden lull during September and October.
The registration process gained momentum at a rapid pace registering impressive revenue of Rs 175 until now after the all people’s strike ended. “We were waiting for reaction from the Centre to the Sakala Janula Samme by Telangana protagonists as this time their agitation was more aggressive. We thought Centre was not having any other choice except dividing the state. So we started investing in Vizag because this city will be the next hot spot if the state is divided. But, now Centre seems to have again kept the separate state issue in the cold storage. Let’s see what’s going to happen,” said Kishan, a realtor belonging to Yendada.
Now the registration officers are hopeful that they would generate revenue of Rs 150 crores, remaining balance to the set target, before the financial year closes. During the last financial year they set a target of Rs 246 crores and could achieve Rs 261 crores. Land registrations are done at 8 offices across the district and highest revenue earner is the office located in Madhurawada alone with Rs 68 crores last year.
Madhurawada and surrounding areas has become the next big thing due to the presence of IT SEZ and many tourism projects, resorts and star hotels coming up in the vicinity.
8 and 7 percent of the land value has to be paid as stamp duties in rural and urban areas respectively. Whereas 5 percent as registration fees in both the areas. “With the kind of land transactions gained momentum we are hopeful of reaching the set target of Rs 314 crores by next year March end,” said Giribabu, registrar at central registration office located in One Town.