Registrations department hit due to rise in material cost hits realty in Hyderabad
Tirupati: The district registration department has failed to achieve its target by August-end due to fall of real estate activities following steep increase in prices of construction material. But, compared to previous year there is a slight growth in revenue from registration department.
According to official sources, the government has fixed a target of Rs 274 crores revenue for registrations department. The revenue from Chittoor and Tirupati Balaji registration offices, where there are 25 sub-registrar offices, has not achieved their target of Rs 49.67 crore by August-end. The total revenue of 25 sub-registrar offices is only Rs 36.44 crore during the first five months period.
According to official figures, the revenue from 13 sub-registrar offices in Chittoor district was Rs 36.44 crores while the revenue target was fixed as Rs 49.67 crores.
The Chittoor Regional Office target was Rs 10.78 crores but it has achieved only Rs 7.28 crores. Similarly the sub-registrar offices which com-es under Chittoor registration district--Chittoor rural, Kalikiri, Kuppam, Madanapalli, Palamaner, Punganoor, Piler, Thamballapalle, Vayalpadu, B.Kothakota, Bangarupalyam and Chinnagottigallu have also not achieved their revenue targets.
The revenue target of Tirupati Balaji registration district was fix-ed as Rs 93.03 crores for August-end, but it has achieved only Rs 64.09 crores.
The sub-registrar offices which comes under the Tirupati Balaji district includes Tirupati (RO), Tirupati rural, Thottambedu, Srikalahasti, Satyavedu, Renigunta, Puttur, Pichatur, Pakala, Nagari, Karvetinagararm and Chandragiri were also failed to achieve the target.
According to V. Srinivasulu, president of Tirupati chapter of CREDAI, following the increase of market value of land by the registration department, the people are reluctant to go for land deals. The market value of the land was increased two-and-times more which had shown severe impact on the land registrations, he opined. There is a slump in real estate business following the decision of the government to increase the market value of the property, he said.
Tirupati Chamber of Commerce president A. Manjunath opined that there is no boom in the real estate business as there was no major industrial development which generates income to the people in the district.
When NBPPL project was laid foundation by then Prime Minister Dr Manmohan Singh, the real estate boom was witnessed in the surrounding areas of Srikalahasti. But, as there is no significant development and the unit was still not commenced, the real estate activities have been stalled. There are no takers for flats and constructed houses in Tirupati and its vicinities due to abnormal rates, he said.
