Amaravathi, August 12, 2021: Revenue from land registrations has increased to 40 per cent over the corresponding period in last fiscal year in the state. The revenue department also reported better recovery rate than other departments, according to people familiar with the matter.
The registration department fetched nearly Rs 2054 crore in the last four months. This is nearly 37 per cent growth over the previous year’s revenues. Although the department is well behind the target of Rs.3320 crore set for the first four months, the government is content with the growth rate as it showed significant increase after the Covid-19 second wave.
Experts said the slow pace of economic recovery had pushed investors to bet their money on land prompting decent growth in land registrations. Land rates have gone up in many locations in the state.
Sources said that the people, who used to circulate money in lending market, are diverting funds to buy land due to uncertainty in other business segments.
Many financiers opting for safer bets
“Many financiers used to make gains by rotating money in daily and monthly lending market in the past. Covid-19 changed their approach and investment plans after seeing the death of either the borrower or lender. They are now going for safe investment,” said a chartered accountant according to the reports published in
timesofindia.indiatimes.com.
Amaravati sub-registrar office reported the highest growth rate, 121 per cent, Rs 405 lakh revenue against the target of Rs.303 lakh till July. Similarly, Gudur,
Ongole, Anantapur,
Kurnool and Tirupati zones pocketed huge revenue with achievement of nearly 90-100 per cent of the target.
Sources said that land rates were going up in many rural areas.
