The sensational piece of news that has come out is due to the regularization of unapproved plots scheme, the registration department of Chennai has earned staggering amount of Rs 10,000 crores in just 11 months of time.
It is now revealed that this amount of Rs 10,000 crores is the highest amount generated by means of registration of land across the state of Tamil Nadu. More than 40 % of the revenue has been got from Chennai zone itself. Between the month of April in 2018 to the month of February in 2019, property registrations recorded revenue to amount of Rs 9907 crores. This has been confirmed by the officials. In the first week of March, the revenue crossed Rs 10,000 crores. As per a senior official belonging to registration department, about 23.10 lakh documents were registered from April 2018 to February 2019.
Point to be noted is when compared to the previous 11 month time period between April 2017 and February 2018, the number of documents registered now rose by 15 percent and the revenue jumped by amazing 22 %.
It is known that Chennai registration zone comprises sub-register offices in Chennai, Kancheepuram and Thiruvallur districts and they have contributed to 42% of the total revenue. An amount of Rs 9121 crores was earned by the registration department in the last fiscal year.
It was pointed out by the sources belonging to the registration department that the increase in the revenue was due to regularization of the unapproved plots scheme that facilitated the sale of unauthorized housing plots. The official belonging to the registration department confirmed that the above reason was one major factor responsible for huge revenue this time. It is important to mention that last year an information technology enabled services STAR 2.0 or Simplified and Transparent of Administration of Registration was launched. This mandated the online registration of all property transactions.