C Shivakumar
Chennai:
Registration of properties across state fell by around 50,000 with no
major projects being registered during the first half of the financial
year, according to registration department sources.
The official told Express that during the first six months of last
financial year a total of 13.36 lakh documents were registered. But
during the six months of this financial year only 12.85 lakh documents
were registered.
“This is 50,000 less when compared to first half of the last financial
year,” the official said.
Interestingly, registration department sources rule out fall in
revenue substantially. During the first half of last financial year
the revenue was around 4,002 crore while during the first half of this
financial year, it is 4,001 crore.
This has been attributed to many unregistered properties to evade
stamp duty. “There ould be many properties which have yet to be
registered and may be they would be registered after Deepawali,” the
sources said.
He also said that it is too early to link the depreciation in
registration of properties to downturn in Chennai’s realty sector.
Interestingly, a report ‘South India’s Real Estate Hotspots’ by Jone
Lang LaSalle states residential property prices in Chennai have
escalated the fastest among the cities in India, witnessing an
appreciation of almost three times of what they were in 2007.
Traditionally, buyers in Chennai were hesitant to move to the suburbs,
as the options available in the key pockets were highly priced, the
report states. As the city is in expansion mode with the rapid
development in Chennai’s social and physical infrastructure, the
suburbs and extended suburbs such as Velacherry, Peringudi and OMR
belt are witnessing an upsurge in its property prices with
corresponding demand.
Areas like Ayanavaram, Virugambakkam, Nungambakkam and Ashok Nagar
have recorded the maximum appreciation, the report stated.
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