“Record-Breaking Day for Tamil Nadu Registration Department: Rs 200 Crore Revenue and 27,500 Registrations on January 24th”
On January 24th, the Tamil Nadu registration department experienced a remarkable day, setting a record with Rs 200 crore in revenue and 27,500 registrations. This represents the highest number of registrations and revenue in a single day in recent times, as per senior officials.
Coimbatore led the way with 4,600 registrations, while Chennai recorded 3,000 registrations, generating Rs 100 crore in revenue. Chengalpattu saw 1,900 registrations. The surge in registrations on this particular Wednesday is attributed to it being an auspicious day.
Normally, the department records an average of 14,000 to 15,000 registrations regularly, with a significant portion related to title deeds, partition, and mortgage documents.
Sale deeds, however, tend to increase on auspicious days. Additionally, the registration activity picked up after a lull during the Margazhi season. The registration of sale deeds usually rises during the Thai month, falling between mid-January and mid-February in the Tamil calendar.
From January 1st, Chennai and Chengalpet jointly recorded over 1,000 registrations for apartments under the recently implemented composite value guidelines. Some developers had temporarily halted registrations of first-sale apartments after the rollout of these guidelines in December 2023.
However, there is now a gradual return as developers are starting to register again.
S. Sridharan, Vice-President, South, Credai National, mentioned that registrations for new apartments are still on hold, except for a few completed ones. This delay is due to the expectation of a positive response from the government regarding a reduction in stamp duty and registration charges.
Additionally, there is confusion in some areas regarding the composite value, and the legal documentation process is not yet clear for members to proceed.
Source: ET Realty