Stamp & Registrar, Imc, Ida see their revenues increase | Indore News

Indore: In the 2021-22 financial year which ends on Thursday, the Stamps and Registers Department, Indore Municipal Corporation (IMC) and Indore Development Authority (IDA) set new revenue records while the District Administration could generate about 60% target of its income.
The commercial capital of the state has seen a ‘boom’ in the real estate sector as Indore has generated more than 22% of state-targeted revenue from property registration. According to DIG stamp and Balkrishna More record, Indore has set a new record by witnessing the registration of a total of 1.35 lakh of properties in 2021-22 which generated a total of Rs 1,835 Crore, i.e. about 22.23% of the state target of Rs 8,200 Crore from the stamp. and registration fees.
“In 2020-21, Indore Stamp and Registrar Service earned Rs 1322 Crore from registering properties worth 1.07 lakh. In comparison, we managed to increase Rs 513 Crore in revenue from stamp and registration fees in 2021-22, which also helped comfortably cross the revenue target for the previous fiscal year, that is- i.e. Rs 1,600 Crore,” the DIG said, adding that Indore was known as the cleanest city in the country, medical center, educational center and computer center.
“Furthermore, the huge business opportunities and the strict law and order situation in Indore should be seen as reasons why the town is becoming the ‘best choice’ for many people from neighboring districts to relocate and investors, even from foreign countries, are buying properties here,” he said.
Considering the same, the state government has increased the collector’s ownership guideline from 10 to 25% in no less than 745 locations in Indore which came into effect on April 1. The same is expected to help the Indore Stamp and Registrar Service generate at least Rs 2,000 in revenue in 2022-23.
Similarly, Indore Municipal Corporation (IMC) earned a total of Rs 722 Crore from its various sources of revenue including property tax, water tax, business license, building permit, composition , colony cell, improvement tax, SWM, bulk and door-to-door trash pick-up like the big bosses. “IMC had made a total gain of Rs 483 Crore in 2020-21 and Rs 555 Crore 2019-20. In 2021-2022, we managed to generate a total revenue of Rs 722 Crore, of which Rs 384 Crore of revenue from property tax,” said the additional IMC Commissioner, Bhavya Mittal.
IDA is also not behind the increase in its revenue as the authority, for the first time, managed to cross the Rs 425 Crore revenue mark by selling properties in different schemes and through others sources. The revenue growth is also expected to increase the estimated IDA budget for 2022-2023 by 100% by forecasting projected revenue-expenditure of Rs 800-900 Crore in this financial year.
Meanwhile, the Indore District Administration could generate around Rs 65 Crore in revenue from land diversion levy/fee against the target of Rs 110 Crore in 2021-2022. Senior administrative officials call the goal “unrealistic,” making it virtually impossible to achieve.
“In 2020-2021, Indore District Administration had generated Rs 47 Crore revenue from land diversion levy/fee while comparing it, we generated around Rs 65 Crore revenue in the last financial year financial,” said ADM Rajesh Rathore. TNN

Sallie R. Loera