Dept of Registration records 60 per cent revenue growth
DEPARTMENT OF Registration and Stamp Duty achieved a buoyant 60 per cent revenue growth in the first half of the current financial year ending September 30, 2006.india Updated: Oct 30, 2006 15:58 IST
DEPARTMENT OF Registration and Stamp Duty achieved a buoyant 60 per cent revenue growth in the first half of the current financial year ending September 30, 2006.
“It’s an unprecedented record by any Government department in the State. Even the central excise registered revenue growth of 37 per cent this year,” Stamps and Duty Registrar N S Tomar said.
The Department recovered Rs 120.72 crore between April and September this year by way of fee from registration of property and stamp duty in the district. This excludes two per cent exemption in stamp duty worth Rs 8.50 crore given to women on registration of 10,334 property documented in their name.
As against the current target, Rs 75.46 crore were recovered during the corresponding period last year where exemption worth Rs 5.65 crore was granted to women on registration of 7,579 properties.
Department officials attribute 60 per cent income growth to area guidelines that have been reasonably enhanced this year. They have more than doubled on lands along bypass and Ring Road, which are City’s actual growth centres but they have remained unchanged where there is nominal growth, Tomar said.
Besides, bulk of middle class families have begun to purchase Indore Development Authority and MP Housing Board properties. As a result, the number of registries went up. With increase in market value of IDA and MPHB properties, the guideline rates also increased, Tomar informed and said that prevention of duty evasion was major factor that got them revenue.
However, October has not proved to be a very fruitful month for the Department. Although the exact figure remains to be computed, income rate has slowed down by more than half. One reason could be Diwali holidays when people are busy socialising and avoid visiting Government offices for property registration.
Another cause, say Department officials, is that big outstation investors are waiting for Indore Master Plan to come into force so that they would know areas open for investments.