Real estate sector reels under crisis in Adilabad
The data reveals a decline in income by approximately 15 percent compared to 2023 and 2022. This year, 43,497 registrations were recorded, down from 61,363 in 2023, showing a deficit of 17,866. In contrast, the composite Adilabad district saw an increase in registrations in 2023, surpassing the 54,425 registrations of 2022.
Adilabad: The real estate sector is facing a crisis following a slump for nearly a year in this town. Registrations and stamps department officials say the erstwhile Adilabad district saw a revenue of Rs 174 crore for registration of houses, apartments, mortgaging of assets, marriages, firms and other services from January 1 to December 12, 2024, as against Rs 205 crore in 2023 and Rs 213 crore in 2022.
The data shows that income declined by around 15 percent when compared to that of 2023 and 2022. As many as 43,497 registrations were executed this year as against 61,363 in 2023, posting a deficit of 17,866. The composite Adilabad district registered a spurt in registrations in 2023 compared to 54,425 of 2022.
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Mancherial district accounted for 17,888 registrations fetching a revenue of Rs 59.98 crore from January 1 to December 12 as against Rs 72.51 crore through 26,956 registrations in 2023. Nirmal district earned Rs 29.74 crore by executing 13,660 registrations so far when compared to income of Rs 64.22 crore by way of making 18,695 transactions in the previous year.
Adilabad district recorded 10,070 registrations, allowing the government to earn Rs 32.35 crore in 2024 when compared to the annual income of Rs 62.35 crore achieved through 13,327 registrations in 2023. Kumram Bheem Asifabad district stood in the bottom by barely seeing revenue of Rs 4.9 crore in 2024 as against Rs 5.9 crore earned in the corresponding period.
Officials attributed the dip in the revenue to the wait-and-see approach by investors and restrictions against registrations of assets in unauthorised layouts. They stated that the registrations would witness fluctuations due to many other reasons. They predicted that the department might experience a rise in registrations, fetching huge income for the government.
Mancherial Real Estate Developers Association president V Venkata Swamy said that the sector was undergoing a crisis due to curbs on registrations of assets for the last year. He stated that the developers were unable to sell assets due to the slump. The developers, who borrowed loans from both banks and private persons, were facing a tough phase.
2022 2023 2024
Adilabad
No of registrations 12,280 13,327 10,070
Revenue (In crores) 79.80 62.35 32.35
Nirmal
No of registrations 16,009 18,695 13,660
Revenue (In crores) 48.92 64.22 29.74
Mancherial
No of registrations 23,326 26,956 17,883
Revenue (In crores) 76.93 72.51 59.98
KB Asifabad
No of registrations 2,810 2,385 1,884
Revenue (In crores) 7.9 5.9 4.9
Erstwhile Adilabad
2022
No of registrations: 54,425
Revenue (In Rs): 213.60 Cr
2023
No of registrations: 61,363
Revenue (In Rs): 205.05 Cr
2024
No of registrations: 43,497
Revenue (In Rs): 174.10 Cr
