Hyderabad: The revenue of the stamps and revenue department in Telangana state has witnessed a steep increase in the first six months of this fiscal (2016-17), compared to last year. The revenues increased from Rs 1,475 crore to Rs 1,935 crore, a jump of about 31 per cent. The creation of new districts has contributed to an increase in property transactions.
A release by the Chief Minister’s Office said, “A decisive leadership, feel good factor, confidence in governance, single window clearances, ease of doing business in real estate sector, development process in the state, progress in irrigation projects, adequate power supply without any cuts and prospects of establishing new power projects, economic growth, rise in per-capital income and consequent purchase capacity of individuals leading to a greater economic activity resulted in a phenomenal growth rate in the net revenue in the stamps and registration department. Added to this the announcement of new and smaller districts also contributed to the growth.”
Principal secretary in the CMO, S. Narsinga Rao said, “These figures clearly show that there has been a steady growth of revenue month after month, which is mainly because of property transactions.” Mr Narsinga Rao said that in April 2016, the revenue earned was Rs 306 crore (growth rate of 27.92 per cent), in May 2016 Rs 370 crore, (+44 per cent), in June Rs 310 crore (+40.20 per cent); in July Rs 310 crore, (+28.51 per cent); August Rs 329.16 crore (+31.51 per cent) and in September Rs 310.15 crore (+31.21 per cent).
As against the annual revenue target of Rs 4,291.99 crore fixed for 2016-2017, the revenue earned in the first six months was Rs 1,935.30 crore — nearly 45 per cent of the target. The corresponding growth rates of other southern states are far behind TS. AP’s growth rate is 12.27 per cent, Karnataka 2.31 per cent, Kerala 3.57 per cent and Tamil Nadu is -2.63 per cent.