Hyderabad real estate industry blooming registered 102% growth revenue
The Registration and Stamps Department underwent a massive impact of the COVID-19 pandemic. However, the department revitalized once the restrictions were lifted and garnered Rs. 716 crore revenue in April 2021, which increased to Rs. 920 crores during August. The department attained 102% revenue growth and set a new target of Rs. 1,000 crores for the month. Even though the department has increased the stamp duties and registration charges from July 22, 2021, the revenues continue to increase.
According to senior administration, the revenue shows the real estate market is growing at its pace in the Greater Hyderabad area. Officials have high hopes for the upcoming two months as the registration number are expected to increase as investment in real estate.
The total revenue collected by the department for the first four months is Rs. 3,750 crores, with the registered highest Rs. 1,201.86 crores in July. In the first four months, sales revenue increased by 130% during the first four months of the last financial year.