Land registrations declined by 50% in August

  • | Thursday | 20th September, 2018

“Around 40 – 60% of total registrations in Ernakulam is meant for construction sector. The decline will affect income from the construction sector, which falls in the secondary sector and thereby economy. KOCHI: Several parts of Ernakulam were ravaged by floods in August and the district witnessed a 50% decline in property registrations compared to the the same period last year.As per the data available from district registration office, as many as 4,654 registrations of documents were made in August 2018. Last year, in the same month, the district witnessed 7,859 registrations of land documents.But the decline in the number of registrations does not fully reflect in the revenue collection of Ernkaulam, since the state government revises stamp duty in every budget. “When the demand for land comes down, reclamation of wetland will end.

KOCHI: Several parts of Ernakulam were ravaged by floods in August and the district witnessed a 50% decline in property registrations compared to the the same period last year.As per the data available from district registration office, as many as 4,654 registrations of documents were made in August 2018. Last year, in the same month, the district witnessed 7,859 registrations of land documents.But the decline in the number of registrations does not fully reflect in the revenue collection of Ernkaulam, since the state government revises stamp duty in every budget. When the total revenue collection touched Rs 68 crore in August last year, it touched Rs 44 crore during the same month this year.The district managed to collect 38% of the targeted amount in stamp duty category and 41% of the targeted registration fee.The government raises 10% target every year in revenue collection for each district. But revenue officials are in a wait and watch mode regarding whether the property transaction will pick up or not in the district in the coming months.“The land transactions in Ernakulam have been declining for many years. Now most of the document registrations pertain to building lease. Few land transaction takes place in the city due to unavailability of land,” said Madhu, deputy inspector general (registration).But experts are of the view that the decline in the number of property transactions will adversely affect the economy of the district. “Around 40 – 60% of total registrations in Ernakulam is meant for construction sector. The decline will affect income from the construction sector, which falls in the secondary sector and thereby economy. The secondary sector comprises manufacturing plus industry and construction. But our manufacturing sector is not strong enough to give a huge income. The flood situation should be taken as an opportunity to boost the economy. Reconstruction and rehabilitation should be carried out together to resurrect the economy. One should also consider viable low-cost products for construction purposes to bring down impact on environment. Our engineers should think about such aspects,” said Martin Patrick, chief economist of Kochi based Centre for Public Policy Research (CPPR).Environmentalists said the decline in number of property transactions will help bring down the impact of construction on ecology. “When the demand for land comes down, reclamation of wetland will end. As per the report of the Inter-governmental Panel on Climate Change, incidents of deluge and hurricanes would go up by 2050,” said C M Joy, environmentalist.

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