Hyderabad: The second wave of Corona has adversely impacted incomes of the Revenue Department especially the one generated through property registrtion and stamp duty.
At the onset of the current fiscal year, the income of the Revenue Department witnessed significant increase. But as the second wave of the pandemic began, the people stopped sale and purchase transactions of properties.
The night curfew and later on the lockdown further affected people’s income which in turn lead to the cessation of the property transactions.
During the current month, there was less than 50 percent registration compare to the normal days. The registration transactions were severely impacted.
During April, the Stamp and Registration Department generated Rs.580 cr revenue at the rate of Rs.20 cr to Rs. 25 cr per day.
The Registration income was normal till the first week of the the current month. However, the registrations were stopped at Dharani portal after the lockdown.
Till May 11, 26574 documents were registered which generated Rs.120 cr of revenue.
The activities of the real estate traders and the builders have been severely affected owning to the second wave of the pandemic and lockdown. The normalcy shall take at least three more months to return, according to the market experts.
The agricultural land registration at Dharani portal too dipped. There were 19477 agricultural land registration from during April 1-10 while the number decreased to 13,311 during May 1 – 10.