Property registrations dropped in last quarter, govt to miss revenue target

HYDERABAD: Property registrations in Telangana dropped in the last quarter of this fiscal (January-March 2022-23) after witnessing an increasing trend in the first three quarters (April-December). With this, the state government’s hopes of exceeding the revenue targets this fiscal through property registrations have been dashed.

In the previous Budget 2022-23, the state government had estimated the earrings through agriculture and non-agriculture land at Rs 15,600 crore.
The date obtained from the stamps and registrations department shows that the state government registered decent earnings through property registrations from the very first month of this fiscal when it clocked a revenue of Rs 1,350 crore in April 2022.

This trend continued till December which resulted in the government earning Rs 10,731 crore in the first three quarters from April to December.
With this, the government hoped to surpass the estimated target of Rs 15,600 crore for 2022-23. To its shock, the property registrations have come down since January.

In January, the government earned only Rs 1,094 crore, which further fell to Rs 1,072 crore in February and Rs 900 crore in March so far. With just a week left for the March and current fiscal to end, officials expect to earn a little over Rs 1,000 crore this month.

The government now hopes to finish the current fiscal with total earnings of nearly Rs 14,500 crore, which will be a deficit of Rs 1,100 crore over budget estimates.

Officials cite higher interest rates, slowdowns, job cuts in the IT sector, and falling rupee value against the US dollar as reasons for lower investments in the property market in the last quarter of this fiscal.