Hyderabad: Property registrations will hit the one-million mark for the first time in Telangana this year on the back of a booming realty sector.
So far, over 8.50 lakh property transactions were conducted and with two and a half months left for the current financial year to end, the state government expects to cross the one-million mark to create a record.
Revenues from the stamps and registrations department will reach Rs 4,000 crore for the first time. Registrations picked up pace since December after the government launched the online registration network.
This puts an end to years of technical glitch that marred smooth completion of the registration process.
The old network which was set up in the undivided AP could not meet the demand for property registrations due to which the network crashed frequently, disrupting the process for weeks.
The government, after declaring a three-day registration holiday, put in place the new system in December last.The new network has gained ground at all the 141 registration offices.
The department created a record by conducting one lakh registrations in a single month in December and earned Rs 430 crore.In the first 15 days of this month, 42,286 registrations were done, collecting Rs 151 crore.
