Real estate rally boosts Telangana's stamp revenue by 31%

HYDERABAD: India's newest state Telangana has claimed a record growth of 31.21% in net revenue collections of stamps and registration department during the first half of current fiscal at Rs 1,935.3 crore.

The impressive growth in property transactions comes amidst hectic activity in real estate sector, thanks to reorganisation of districts and revenue divisions, said the chief minister's office in a statement.

The CMO attributes the spurt in the department's net revenues to several factors, including ease of doing business in real estate sector, new irrigation and power projects, single window clearances, economic growth and the resultant improved per capita incomes.

Telangana claims this the highest growth in Southern India where all other states were lagging far behind in growth in net revenues from property registrations with AP reporting 12.27% growth, Kerala 3.57%, Tamil Nadu 2.63% and Karnataka 2.31%.

The newest state has set a target of Rs 4,291.99 crore of net revenues from stamps and registrations department for the full fiscal, of which nearly 45% was achieved by September 2016.

In all, Telangana has reported 5.76 lakh registrations of lands and buildings during the first six months of the current fiscal, up from 5.22 lakh transactions during the same period a year ago.