6.75 lakh documents were registered during April-June 2022, and revenue of ₹3,897 crore was collected
6.75 lakh documents were registered during April-June 2022, and revenue of ₹3,897 crore was collected
After two years of pandemic-induced lull, the real estate sector has made a comeback in Karnataka. The revenue collected in the first quarter of the current financial year 2022-23 has not only gone back to pre-pandemic levels but is the highest ever in the state. This is despite a 10% discount on the guidance value for most of the quarter.
The state saw 6.75 lakh documents registered during April-June, 2022, and collected revenue of ₹3,897 crore, as against the target of ₹2,962.73 crore set by the state government, which exceeded ₹934.27 crore, according to the Inspector General of Registration. Shows data and commissioner stamp (IGR&CS).
guiding value factor
This apparently overtook the first quarter of 2019-20, a year before the pandemic, when the state collected ₹2,744.99 crore from property registrations. With the previous guidance price revision — an increase in the range of 5% to 25% — done in January 2019, and a 10% discount to that guidance price during the first quarter of 2022-23, it has outperformed . Even the level of the epidemic.
BR Mamta Gowda, IGR & CS, Karnataka, attributed the rise in property registrations to the revival of the real estate sector, following the uncertainty of the pandemic and certain measures taken by the department to boost registrations – in guidance price and opening 10% discount to Sub-Registrar Office from 9 am to 8 pm Guidance price discount from January 1 – March 31 and April 25 – July 24, 2022, now sought to be extended by the industry for at least one more quarter and The government is yet to take a call on the issue, she said.