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Drastic fall in Registrations
The newly formed Nirmal district recorded a heavy revenue loss on land registrations. The Excise and Sale Tax departments have also not been spared.After Prime Minister Modi’s announcement on November 8, real-estate transactions have completely come to a standstill. In the month of October, before demonetisation, 1453 land registrations have been recorded across the district and government could
Nirmal: The ongoing currency crisis after the banning of Rs 500 and Rs 1000 currency notes has not only hit the common people in the State, but also the government which is feeling the heat.
The newly formed Nirmal district recorded a heavy revenue loss on land registrations. The Excise and Sale Tax departments have also not been spared.After Prime Minister Modi’s announcement on November 8, real-estate transactions have completely come to a standstill. In the month of October, before demonetisation, 1453 land registrations have been recorded across the district and government could earn a revenue of Rs 2.35 crore.
However, after the ban, difficulties cropped up. With the result, only 731 land registrations took place which fetched only Rs. 68.53 lakh revenue for the government.
Land registration offices which were crowded with the people, now are looking empty across the district. Along with the district head quarters, Nirmal, Khanapur and Bhainsa registration offices also were witnessing very low transactions.
The revenue under sale tax fell down from Rs 70 lakh to Rs 1.21 lakh. The adverse impact is being felt on the newly created Nirmal district. Speaking to The Hans India here on Wednesday, Bhainsa’s Sub-Registrar Jyothy said, “Due to ban on Rs 500 and Rs 1000 currency notes, , land registration activities have dropped drastically.
Compared to the month of October, the revenue collected in November is very dismal”. She expressed the hope that the financial conditions may improve by next month.
Sathyapu Srinivas Reddy
