Chennai: The real estate market continues to drive Tamil Nadu’s revenue growth, with the registration department collecting 237.98 crore in a single day from 23,421 documents registered across the state, marking its second-highest daily collection this fiscal year.
Of this, 89 crore was from Chennai zone and North Chennai brought in the second highest revenue. This surge, powered by South Chennai’s booming property market and a surprising uptick in North Chennai, signals a shifting landscape in the city’s real estate dynamics, even as industry experts point to rising registration costs under the new composite value system
Since Monday was an auspicious day, a high volume of registrations was expected, and requests were received from the public to allocate additional advance booking slots. Accepting the public’s request and to accommodate high demand, the govt increased advance booking slots. Offices with one sub-registrar had 150 slots instead of 100, while those with two sub-registrars had 300 instead of 200. Additionally, 100 high-demand offices received 150 regular slots and four extra urgent booking slots.
“Nearly 95% of the revenue comes from real estate transactions. A major chunk of of the revenue was from Chennai, Chengalpet zone brought in 30 crore and Coimbatore recorded 46 crore,” said a senior official from the registration department.
Earlier, on December 5, 2024, the department set a record with 238.1 crore.