CHENNAI: At Rs 200 crore and 27,500 registrations, Wednesday (Jan 24) turned out to be Tamil Nadu registration department’s record-setting day.
According to senior officials in the registration department, this is the highest ever number of registrations and revenue in a single day in the recent past.
Data provided by the department shows that Coimbatore topped the list with 4,600 registrations on Wednesday. Chennai recorded 3,000 registrations earning a revenue of Rs 100 crore and Chengalpattu touched 1,900 registrations.
Registration department officials said that Wednesday witnessed a spike in registrations as it was an auspicious day. On an average, 14,000 to 15,000 registrations are recorded regularly. But a major chunk of this is from registration of title deeds, partition, mortgage documents among others.
However, on auspicious days, the sale deeds are more. “Besides there was a lull during Margazhi season. Registration of sale deeds usually increases in the Thai month, a Tamil month that falls between mid-January and mid-February,” added an official.
Registration department officials said from January 1, Chennai and Chengalpet together recorded registration of 1,000 plus apartments under the recently rolled out composite value guidelines.
“Many developers had put registrations of first sale apartments on hold after we rolled out the composite value guidelines from December 1, 2023. But now slowly some of them are coming forward to register,” he explained.
S Sridharan, vice-president, south , Credai National, said that registrations of new apartments are still on hold except a few completed apartments . “This is because, we are still awaiting a positive response from the government on our representation pertaining to reduction in stamp duty & registration charges. Also, there is still confusion prevailing regarding the composite value in few areas. The entire process of legal documentation is also not yet clear for our members to proceed,” he said.
