{"id":11187,"date":"2021-02-24T15:00:29","date_gmt":"2021-02-24T08:00:29","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11187"},"modified":"2021-06-04T16:04:10","modified_gmt":"2021-06-04T09:04:10","slug":"revenue-through-property-registration-slightly-revives-in-chennai","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/revenue-through-property-registration-slightly-revives-in-chennai\/","title":{"rendered":"Revenue through property registration slightly revives in Chennai"},"content":{"rendered":"<p><span data-contrast=\"none\">Experts say the slow revival is due to secondary investments in\u00a0Chennaiites\u2019\u00a0hometowns\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_11193\" aria-describedby=\"caption-attachment-11193\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-11193\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1074239858.jpg\" alt=\"\" width=\"1000\" height=\"665\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1074239858.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1074239858.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1074239858.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1074239858.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1074239858.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-11193\" class=\"wp-caption-text\">ALensAndSomeLuck\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"none\">In January, property registration revenue in Chennai, India, showed a marginal\u00a0<\/span><span data-contrast=\"none\">increase<\/span><span data-contrast=\"none\">\u00a0of four percent, after a<\/span><span data-contrast=\"none\">\u00a0decline due to the COVID-19 pandemic, reported <a href=\"https:\/\/timesofindia.indiatimes.com\/city\/chennai\/property-registration-revenue-revives-partially-in-chennai\/articleshow\/80868440.cms\" target=\"_blank\" rel=\"noopener noreferrer\">The Times of India<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Despite this slight improvement, this revenue is still considered minimal, as the Chennai zone in pre-COVID times accounted for an average of 45 percent of the state\u2019s total revenue.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">According to the registration department data, Chennai zone <\/span><span data-contrast=\"none\">accounted<\/span><span data-contrast=\"none\">\u00a0for 36 percent of the total revenue in January, an increase from\u00a0<\/span><span data-contrast=\"none\">the\u00a0<\/span><span data-contrast=\"none\">32 percent\u00a0<\/span><span data-contrast=\"none\">that lasted until December 2020.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">While t<\/span><span data-contrast=\"none\">he value of registrations in January 2021 increased by eight percent in January 2020, about 10,430 additional documents <\/span><span data-contrast=\"none\">were\u00a0<\/span><span data-contrast=\"none\">registered in 2021 over the same period<\/span><span data-contrast=\"none\">\u00a0in 2020.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">With the exception of Chennai and Thanjavur zones, all other districts have either <\/span><span data-contrast=\"none\">equalled<\/span><span data-contrast=\"none\">\u00a0or exceeded previous year volumes<\/span><span data-contrast=\"none\"> in the number of property registrations compared to 2020.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Real estate experts believe that the slow revival in Chennai zone can be attributed to the secondary investments made by numerous city residents in their native places.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/india-aims-to-attract-overseas-capital-by-easing-foreign-investment-rules\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: India aims to attract overseas capital by easing foreign investment rules<\/strong><\/a><\/p>\n<p><span data-contrast=\"none\">Srinivas\u00a0<\/span><span data-contrast=\"none\">Anikipatti<\/span><span data-contrast=\"none\">, senior director of Knight Frank India (Tamil Nadu and Kerala), said that many <\/span><span data-contrast=\"none\">Chennaiites<\/span><span data-contrast=\"none\">\u00a0who\u00a0relocated to their hometowns during the pandemic\u00a0<\/span><span data-contrast=\"none\">would rather invest there.<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cBut for coronavirus, these secondary investments would have been made in Chennai and its\u00a0neighbourhood,\u201d he said.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The total revenue through property registrations hit nearly\u00a0<\/span><span data-contrast=\"none\">INR8,000 crore (USD1.1 billion)\u00a0<\/span><span data-contrast=\"none\">between April 2020 and January 2021. The revenue is forecasted to reach INR10,000 crore in the current fiscal, depe<\/span><span data-contrast=\"none\">nding on the declaration of the model code of conduct for ensuing assembly election. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Experts say the slow revival is due to secondary investments in\u00a0Chennaiites\u2019\u00a0hometowns\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[1121,216,1049,1122],"class_list":["post-11187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-chennai","tag-india","tag-property","tag-revenue","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Revenue through property registration slightly revives in Chennai | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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