Post-Covid, realty market on rise in AP

Yet, for the first time our Department grossed Rs 1,048.18 crore in March 2022 alone, reflecting the buoyancy in the real-estate market, Special Chief Secretary Revenue Rajat Bhargava pointed out.The realty market had seen a negative growth of -3.31 per cent in 2019-20, in terms of number of documents registered, and a meagre rise of 1.05 per cent in 2020-21.In 2021-22, the number of documents registered was 20.76 lakh, marking a 20.69 per cent increase over the previous year.

Real-estate market in Andhra Pradesh has been on a rebound in the just-concluded financial year 2021-22 as property registrations grew by 35.70 per cent compared to the previous year.

The Revenue (Stamps and Registration) Department netted a revenue of Rs 7,327.24 crore in 2021-22, with Rs 5,991 crore of it coming from property sale transactions alone.

In 2020-21, the peak Covid-19 period, the total earnings were Rs 5,399.41 crore, of which property sale transactions amounted to Rs 4,567 crore.

“We have not undertaken any revision of market value of properties in the last two years. Yet, for the first time our Department grossed Rs 1,048.18 crore in March 2022 alone, reflecting the buoyancy in the real-estate market,” Special Chief Secretary (Revenue) Rajat Bhargava pointed out.

The realty market had seen a negative growth of -3.31 per cent in 2019-20, in terms of number of documents registered, and a meagre rise of 1.05 per cent in 2020-21.

“In 2021-22, the number of documents registered was 20.76 lakh, marking a 20.69 per cent increase over the previous year. This resulted in a 35.70 per cent surge in overall revenue,” Bhargava told PTI.

According to Revenue Department data, Visakhapatnam continued its dominance in the realty market, fetching Rs 1,117 crore in 2021-22 to the government, up from Rs 824.45 crore the previous year.

Anticipation of Visakhapatnam probably becoming the “Executive Capital” of the state has spurred property deals in a big way in the last couple of years.

Krishna and Guntur districts, part of the capital region Amaravati, have also witnessed significant growth in real-estate deals, contributing Rs 923 crore and Rs 902 crore in revenue to the government in the last financial year.

The two Godavari districts, East and West, were next in the order while Srikakulam was at the bottom of the 13 districts.

“The government is committed to the growth of the real-estate sector and we are providing necessary impetus for that,” the Special Chief Secretary said.

He said, as part of the reforms initiatives, a simple and user-friendly Public Data Entry system has been introduced to suit the requirements of users.

“Data relating to transactions can be fed into the PDE system and the users can visit the registering officer with an identification document and complete the registration process with little waiting time. Those using PDE system will be attended to on priority in the registration offices, making the whole process hassle-free,” Bhargava added.