Despite being in the red for two successive years,the registration and
stamps department is buoyant over growth and collection of revenues
this year.
stamps department is buoyant over growth and collection of revenues
this year.
Having reached 97.95 per cent of the target for this financial
year,the department bosses are happy at reaching a growth rate of
43.29 per cent this year as against a negative growth rate of 9.18%
and 7.9% in 2009-10 and 2008-09 respectively,mainly due to the
downturn in the real estate market.
Another important aspect cited by senior officials for the growth rate
has been the changes in market values for dry,wet,garden and survey
number-wise values for the classifications of agriculture land fit for
house sites and lands abutting national and state highways in rural
areas.This aspect is reflected in the steep rise in revenue
collections and a steady drop in the number of registered sale
deeds.The number of sale deeds registered in the last four years are
11,09,034 in 2007-08,10,15,073 in 2008-09,9,94,396 in 2009-10 and
8,15,865 in 2010-11 (up to November 2010).
The net revenue achieved by the department this financial year till
January 2011 is Rs 2,882.77 crore as against a target of Rs 3,546
crore (an achievement of 97.95%).The net revenue was Rs 3,086.35 crore
in 2007-08,Rs Rs 2,842,56 crore in 2008-09 and Rs 2,599.81 crore in
2009-10.
January 2011 is Rs 2,882.77 crore as against a target of Rs 3,546
crore (an achievement of 97.95%).The net revenue was Rs 3,086.35 crore
in 2007-08,Rs Rs 2,842,56 crore in 2008-09 and Rs 2,599.81 crore in
2009-10.
Responding to queries on the departments performance,a senior stamps
official said on condition of anonymity on Sunday that the department
regularly was taking up the study of trends in market value of the
lands and determining the value to be adopted by the parties at the
time of execution of documents for proper payment of stamp duty and
registration fee.The cases of under valuations by the parties for levy
of stamp duty and registration fee has been reduced by compulsory
adoption of the market value fixed by the department.We have revised
values in both urban and rural areas from August 1,2010, he said.
official said on condition of anonymity on Sunday that the department
regularly was taking up the study of trends in market value of the
lands and determining the value to be adopted by the parties at the
time of execution of documents for proper payment of stamp duty and
registration fee.The cases of under valuations by the parties for levy
of stamp duty and registration fee has been reduced by compulsory
adoption of the market value fixed by the department.We have revised
values in both urban and rural areas from August 1,2010, he said.
Another key contributor to the increase in revenues has been the
change in blockwise values for residential areas and door number-wise
values for commercial and industrial areas.
Apart from these,the department has for the first time fixed composite
values (combined value for land and construction ) for assessment of
market value of apartments and flats in urban areas.
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