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Demonetisation affects registration of properties
The demonetization of Rs 500 and Rs 1,000 notes is having adverse impact on several sectors. One of the major and key sectors and
- More than 48% slump in revenue in Kakinada Registration Office
- Revenue dipped to touch 17.11 crore during Nov 1-Nov 30
- Revenue slid to Rs 9.87 crore during Dec1-Dec 24
Kakinada: The demonetization of Rs 500 and Rs 1,000 notes is having adverse impact on several sectors. One of the major and key sectors and revenue earners for the state exchequer, the registration department is reeling under the effect of demonetization. The revenue came down drastically in East Godavari district, particularly in 4 sub registrar offices under Kakinada Registration Division consisting of Alamuru, Biccavolu, Draksaharama, Jaggampeta, Mandapeta, Peddapuram , Pithapuram, Prathipadu, Ramchandrapuram, Samarlakota , Sarpavaram (Kakinada Rural) Tuni ,Tallarevu and Kakinada.
As per the available statistics for November and December, 2016 a significant fall in revenue was noticed in comparison to the similar period in the preceding year, 2015.
A total of 5205 documents were registered, with a revenue of Rs 17.11 crore during the period of 1st November (the demonetization came into effect on 8th Nov) -30 November, 2016.
In percentage terms, the revenue recorded was 54.37 percent out of monthly target of Rs 31.48 crore. In the corresponding period of November 2015, registration of 6154 documents fetched the revenue of Rs 20.07 crore out of the monthly target of 21.67 crore, with 92.64 percent revenue.
In the present month of December, 2016 ( 1st December to 24th December), a total number of 3041 documents were taken up for registration. The aggregated revenue was Rs 9.87 crore as against the monthly target of Rs 26.76 crore, with 36.88% revenue. In the corresponding period of 2015, a total number of 5285 documents were registered with revenue touching Rs 32 crore.
The sources in the registration department sources said that they are hopeful of seeing improvement in revenue with four working days still to come in the present month of December. The difference in the percentage of registration during November-December was attributed to the limited exchange of spiked notes.
However, a noted property evaluator, V Y Dasu observed that he does not foresee any improvement in registration of documents in near future given the present situation. Presently, documents financed by banks are taken up for registration. Unless free cash circulation comes into existence in addition to relaxation on curbs, the situation is not going to improve, Dasu opined.
