The Hindu : Front Page : Revenue up despite rising land prices

Online edition of India's National Newspaper
Friday, Jul 21, 2006

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Front Page

Revenue up despite rising land prices

K. Ramachandran

Chennai accounts for more than 40% of stamp duty and registration charge revenue

FILE PHOTO: N. SRIDHARAN

BOOM CONTINUES: Hectic real estate activity bringing in more revenue.

CHENNAI: The rise in land prices in and around Chennai does not seem to have affected real estate activity in the metropolis, if one goes by stamp duty and registration charges revenue.

In fact, revenue collections from land deals have gone up by nearly 40 per cent in the first three months of the current financial year compared to the same period in 2005-06. Chennai accounts for more than 40 per cent of the total stamp duty and registration charge revenue accruing in the State.

The Registration department collected nearly Rs. 320 crore in the first three months of the current financial year from the three zones of Chennai against Rs.200 crore made last year. .

Industry sources note that nearly 1,000 medium and large residential housing projects are being implemented but the sale of houses or apartments has not seen any hiccups even after the marginal rise in housing loan interest rates.

Builders say that the high revenue should be channelled to provide roads, drinking water, drainage system.

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