Revenue from property registration dips in Vishakhapatnam district

Revenue from property registration dips in Vishakhapatnam district
02/12/2016 , by , in News/Views

The demonetisation drive appears to have adversely affected revenue collection in the stamps and registration department which solely depends on property registrations in Visakhapatnam district.

The department has collected a revenue of only Rs 33.53 crore, achieving a target of only 54.52 per cent that was generated in November from Visakhapatnam district including sub-registrar offices under Anakapalli and Vizag city, according to data available on the CORE (CM office real-time executive) dashboard.

According to realtors, majority of the housing projects which are being registered are deals which were made prior to demonetisation. Realtors said large number of customers who had earlier expressed interest in plots and apartments are now waiting to see how the realty sector reacts to the demonetisation drive.

“We usually used to get around 8-10 enquiries per week for apartment projects, but we this week, we saw only about 3-4 enquiries. Many people are preferring to wait for some more time before deciding on their investments,” observed a builder from the city. He also said the demand may drop for another month considering that cash flow is yet to fully resume in the city.

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