Registrations for Vizag Properties Increase in Fiscal Year 2020–21

Registrations for Vizag Properties Increase in Fiscal Year 2020–21

Ever since Vizag became Andhra Pradesh's executive capital, property registration has shot up in the neighbouring district of Vizianagaram. The speeding up of the work related to Bhogapuram airport has given a great fillip to property registration. 

This has led to a significant increase in the revenue — from Rs 595 crore in 2019-20 among the eight sub registrar offices located in Vizag, collection shot up to Rs 654 crore in the fiscal year 2020–20. The offices achieved 81% of their total Rs 801crore annual target. 

Property Registration Sees An Increase in Vizag 

The Madhurawada sub-registrar office raked in Rs 141 crore, with the Super Bazaar office adding Rs 133 Crore. Notably, 107 percent of its target, Rs 61.95 crore, was generated by Bheemili's sub-registrar office. 

K Manmadha Rao, District Registrar of Visakhapatnam, said the movement of the capital to Vizag is showing an effect on real estate. In the outskirts of the village, most land transactions were noted at Bheemili and Madhurawada. 

Property demand also saw an improvement in Anandapur due to the developments around Bhogapuram airport in the district of Vizianagaram. In the 2020–21 fiscal period, Vizianagaram achieved 99% of its target for property revenue by removing Rs 240 crore from its target of Rs 241.8 crore. Bhogapuram generated the highest revenue of Rs 37 crore across13 sub-registrar's offices. 

M Srujana, Vizianagaram Registrar, stated that Vizianagaram would continue with the same trend in registration of real estate and generation of revenues as more and more people in the area of the cities between Vizag and Vizianagaram will come to buy land and homes.

By: Shailaja K