Hyderabad sources have reported that property registrations will hit the one million mark for the first time in Telangana this year on the back of a booming realty sector. According to sources so far, over 8.50 lakh property transactions were conducted and with two and a half months left for the current financial year to end, the state government expects to cross the one-million mark to create a record.
Meanwhile the revenues from the stamps and registrations department will reach Rs 4,000 crore for the first time. Registrations picked up pace since December after the government launched the online registration network, which puts an end to years of technical glitch that marred smooth completion of the registration process.
Furthermore
the government, after declaring a three day registration holiday, put in place
the new system in December last and as per latest report the new network has
gained ground at all the 141 registration offices. Moreover the department
created a record by conducting one lakh registrations in a single month in
December and had earned Rs 430 crore. In the first 15 days of this month,
42,286 registrations were done, collecting Rs 151 crore.
