INSUBCONTINENT EXCLUSIVE:
VIJAYAWADA: Registration of residential or commercial properties has declined dramatically throughout the State disallowing in some
districts like Visakhapatnam and Kurnool, and have actually dealt a significant blow to the exchequer.The state got cumulative collection of
revenue through registration of residential or commercial properties worth nearly Rs 4,753 crore from April 1, 2020 to March 2 of this year
as against Rs 4,895 crore produced for the matching period in the previous fiscal, revealing a shortfall of 2.89 percent in revenue
However, some districts signed up an excellent growth in revenue collections for diverse factors: Srikakulam 5.37 percent, Vizianagaram 1.86
per cent, Visakhapatnam 2.02 per cent, Prakasam 6.77 percent, Anantapur 5.53 percent and Kurnool 8.01 per cent.Districts showing unfavorable
growth in earnings collections consist of: East Godavari 1.96 per cent, West Godavari 9.12 percent, Krishna 10.75 percent, Guntur 8.43 per
cent, Nellore 8.93 per cent, Chittoor 7.80 percent and Kadapa 2.40 per cent.One of the primary factors attributed for the positive
development in Srikakulam, Vizianagaram and Visakhapatnam is stated to be the relocate to establish administrative capital in Visakhapatnam
Registration authorities preserve that open lands located in Anandapuram, Bheemili and Madhurawada and other areas were developed and
This resulted in people going on a purchasing spree presuming that the land worth of the plots would increase in the days ahead
As Visakhapatnam is carefully connected to Srikakulam and Vizianagaram, the same trend prevailed and there was an increase in registration
of homes fetching good-looking revenue.The growth in Kurnool is reportedly since of the proposed High Court
Regional registration authorities maintain that the upward revision of market price last August, where a minimum of '2 lakh was repaired as
market value for an acre of farmland in areas falling under the jurisdiction of Kalluru sub-registrar workplace and also in villages falling
under the province of Kurnool Urban Development Authority
In Anantapur too, realty acquired momentum
Open lands are being transformed as designs and there is anticipation of fast building and construction of homes and their registration
Nevertheless, on the flip side, Krishna district signed up negative development of 10.75 percent and Guntur district, which hosts Amaravati,
likewise signed up an unfavorable development of 8.43 per cent.Registration sources preserve that the move to transfer administrative and
judicial capitals is impacting the unfavorable development
There is no matching rise in earnings collections in Visakhapatnam and its two neighbouring districts to balance out negative growth
Among the prime factors for the phenomenon is that huge gamers are venturing into much safer zones like Hyderabad, Chennai, Bengaluru, Pune
and other metros while some hesitate to run the risk of a financial investment following the abrupt boom in land value
A senior authorities from registration department said, We are anticipating registration of homes to increase as all deferred arrangements
for registration of properties during lockdown due to Covid-19 are getting emerged
The real estate industry is likewise gradually picking up overcoming initial missteps due to RERA, 2016
Modification of market price of properties is expected to come in handy
