Expectedly, Guntur and Krishna districts, in view of the hectic activity related to the construction of the new capital, and Visakhapatnam registered the highest growth.
Guntur's revenue has shot up to Rs 401.83 crore as compared to Rs 176.64 crore last year, a jump of a whopping 126 per cent.Krishna's revenue too shot up from Rs 262.06 crore last year to Rs 427.46 crore.
The two Godavari districts too appeared to benefit from the boom and registered significant growths as compared to the previous year. In all, in 2014-15, the state raked in moolah to the tune of Rs 2,541.71 crore as against Rs 1,749.2 crore in 201314 through land registrations.
“Except Anantapur, the remaining 12 districts registered impressive rise in the land prices and also the number of registrations,“ said a senior official. Only Anantapur saw its land registration revenue slump from Rs 240.47 crore last year to Rs 108.35 crore this year.
According to analysts, it will take time for revenue from new industries to roll in. As a result, revenue through land registration and stamp duty will be the assured source of income for the state, which is in the grip of a major and long-term fi nancial crisis.
While the state is banking on rapid growth of the realty sector in the proposed capital region, it wants to ensure a realty boom across the state by developing the various proposed industrial hubs.
“The TDP government wants to take all steps to ensure that the revenue growth due to land registration remains steady,“ said an official and indicated that one step would be to promote construction of infrastructure projects by private devel opers in a big way.
Interestingly, the number of real estate companies that are being registered with the government also doubled in the last six months.Major infra and construction companies, including Nagarjuna, GVK, GMR, Lanco, Madhucon, Gayatri and KMC, are finalizing their infra projects in the capital region area.
People who were earlier engaged in agriculture and other allied businesses, too, have shifted to the real estate sector and are taking up construction projects in all major towns in Andhra Pradesh.
Chittoor and Visakhapatnam districts, too, are set to attract major real estate projects as several central government institutions as well as educational and research organizations are coming up there. According to HRD minister Ganta Srinivasa Rao, the realty boom will further pick up in the coming days.
“Every district is getting one or two central institutions or education research institutes, on which the government would be spending over Rs 500 crore at the least.We expect the building activity to generate over Rs 5,000 crore in the coming days,“ Ganta told INNLIVE.
On the other side, like the rest of the state, Vizag too has seen an increase in revenue collections via property registrations. According to official statistics, the collection in city's sub-registrar offices have seen a jump of 54% from the last year.
Marred by the Samaikyandhra stir, 2013-14 realised a revenue of Rs 231.14 crore via property registration while it got Rs 356.55 crore after the realty sector picked up in 2014-15. If the revenue realized by stamp duty is taken into account, the figures grew from Rs 245.38 crore to Rs 379.62 crore.
The sub-registrar office near Super Bazaar in One Town recorded the highest revenue collection of Rs 90.73 crore, while the Gopalapatnam office recorded the lowest revenue. Anandapuram and Bheemili, which have turned into major hotspots for property buyers thanks to tourism and education hubs coming up there, recorded 128% and 110% jump in revenues respectively.
According to sources, areas surrounding Bheemili, Madhurawada and Anandapuram are likely to witness increased demand during 2015-16.
“The market value of land in MVP Colony or Seethammadhara is around Rs 40,000 per square yard, whereas the rate is around Rs 10,000 per square yard in Madhurawada. The revenue collections will be higher within the city limits. But the growth will be seen more in the city outskirts like Anandapuram, Madhurawada, Gajuwaka, Pendurthy and Gopalapatnam,“ realtor P Narayana said.
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