'₹17,298 cr revenue generated through registration in 2022-23'
Realtors ask govt to reconsider 1% fee for power of attorney
State Commercial Taxes and Registration Minister P Moorthy
CHENNAI: State Commercial Taxes and Registration Minister P Moorthy on Thursday said that the department generated Rs 17,298 crore in revenue through registration in the previous fiscal 2022-23.
Talking to media persons after eliciting the views of realtors and builders here, Moorthy said that the State Registration Department generated a revenue of Rs 17,298.67 crore in the financial year 2022-23, the highest in the last ten years.
The Minister also pointed out that the department's revenue from registration stood at Rs 5,841.65 crore in the current financial year.
Realtors ask govt to reconsider 1% fee for power of attorney
Admitting to receiving suggestions from the realtors/builders for relaxing the fee for issuing power of attorney, which was hiked to one percent of the property's market value in the state recently, the Minister said that the associations expressed the view that there were some practical difficulties, mainly when power of attorney is issued within the family.
Quoting the association as telling him that in some cases the power of attorney is cancelled the same day when it is done within the families, Moorthy said that the associations have also suggested adjusting the 1% power of attorney fee at the time of the registration of the property.
"We have elicited their views. We will consider those suggestions that are practically feasible. We will take it up with the Chief Minister and make a decision, " he added.
On cancellation of fake documents, the registration minister said that the department has received 10,055 applications for cancellation of fake documents, and final orders have been issued in 959 documents as per registration rule 77 (A) of the state, which is being replicated by even a few other states. Responding to a query on delay in registration at the sub-registrar offices due to server traffic, Moorthy said that the department is in the process of developing Star 3.0 software which would be launched soon with advanced features.
Parrying a query on the hike in registration cost, the Minister said that the state has the lowest registration fee in the country.
