Karnataka nets Rs. 311cr in a day from property registrations
What's the story
On Wednesday, the Karnataka Stamps and Registration Department reached an impressive milestone, registering over 26,058 documents and collecting a whopping Rs. 311 crore in revenue.
This marks the highest single-day revenue collection in the department's history.
The surge in property registrations comes just before the state government's announcement that guidance values for property may increase by 20-30% starting October 1.
In densely populated IT corridors, the guidance value could even rise by up to 50%.
Details
Kaveri2 software boosts efficiency
The record number of registrations is largely due to the newly introduced Kaveri2 software, which was designed to streamline the property registration process.
Since June 25, the software has been implemented in 256 sub-registration offices across the state, maximizing efficiency and speeding up the registration process.
Previously, homebuyers had complained of technical glitches with the software, including a lack of integration with the Bengaluru Development Authority.
What Next?
Bengaluru contributes significantly to revenue
Bengaluru alone registered 7,300 properties on September 27, contributing an astounding Rs. 218 crore in revenue.
On a typical day, the department sees around 8,000 to 10,000 property registrations, generating Rs. 70-80 crore in revenue.
The record-breaking day was made possible by sub-registrar offices operating from 8:00am to 8:00pm until September 30 to accommodate the increased demand for registration.
Insights
A new era for property registration
The successful implementation of Kaveri2 software has demonstrated its ability to handle high volumes of property registrations efficiently.
Revenue Minister Krishna Byre Gowda praised the department's staff for their achievement and expressed confidence in the software's potential to help the government reach new heights.
The record-breaking day marks a new era for property registration in Karnataka, showcasing how technology can revolutionize processes and improve efficiency.