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| Record revenue from stamps |
| It is attributed to buoyancy in the real estate market
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| INDIA
, 13-January-2007
4:13:36 AM |
| The State Government is likely to net Rs. 3,000 crore from stamps and registrations this year, and this is regarded as a reflection of the buoyancy in the real estate market.
Sources told The Hindu here on Friday that the revenue from stamps and registrations has surpassed the estimates of the Government. Compared with a net revenue realisation of about Rs. 1,900 crore in the last financial year, the Finance Ministry had set a target of Rs. 2,100 crore for the current year.
Target
This target was surpassed within the first half of the financial year, and on December 31 last, the Government had netted Rs. 2,500 crore.
The Ministry has now revised the target to Rs. 3,200 crore.
Revenue Minister Jagadish Shettar, who has brought in several changes in the Revenue Department with particular reference to registration of property to ensure a higher degree of transparency, told The Hindu that the Department of Stamps and Registrations would achieve even the fresh target set.
Real estate market
"The Government is effortlessly netting a high revenue, thanks to the buoyancy in the real estate market and the honesty among private companies, particularly the information technology companies in registering their property for the amount they had paid to the sellers. This, indeed, is a refreshing trend and deserves to be complimented," Mr. Shettar said.
Revenue
A large part of the revenue was from Bangalore and its adjoining areas compared with the rest of the State as the buoyancy in the real estate market is being largely witnessed here.
It had a direct bearing on the information technology sector. Most of the registrations were above the guidance value rates prescribed by the Inspector-General of Stamps and Registrations.
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