Date:10/12/2008 URL: http://www.thehindu.com/2008/12/10/stories/2008121052710300.htm

Kerala - Kozhikode

Fall in property registrations

Jabir Mushthari

Only two flats registered last month in district

Economic slowdown a prime reason for the slump
New transaction norms too a deterrent

Kozhikode: The number of property registrations has fallen in the district.

While some say the economic slowdown is the reason for the fall, others attribute a part of it to reforms in land transaction procedures, the new guideline values and strict implementation of the rules.

Registration of flats in the city has come down. P.K. Shanmugan, Sub-Registrar, West Hill, said only two were registered in November as against the 12 in the month last year.

“On an average, we had 25 to 30 registrations daily a couple of months ago, which has now come down to nine or 10,” says P. Vilasini, Sub-Registrar, Chathamangalam.

“The trend is not specific to Kozhikode. It is downward in all the cities, including Kochi and Thiruvananthapuram,” says District Registrar Suresh Babu. But not all sub-registrars subscribe to the view that the slowdown is the sole cause for the fall.

“Of course, the ‘recession’ factor is there, but people are also wary of the new guideline values and other registration formalities in some cases,” says another Sub-Registrar, who sought anonymity.

Land deals delayed

“People also delay their land deals expecting that the fair value system to be implemented soon by the government would fetch them land for a fairer price.”

With the number of property registrations down, the officers are afraid that they will not be able to meet the revenue target fixed by the government for them from registrations.

“I had well hit the target until a few months ago, but I am struggling with 60-65 per cent nowadays,” Mr. Shanmugam says.

Brokers’ role

The registration officers, however, unanimously feel that the land brokers, or the ‘land mafia,’ have been playing a dirty game in taking the land price in the State to an ‘unrealistic realm.’ “Now the ‘recession’ has checked the unbridled run of the wayward brokers,” says an officer.

The officers are of the opinion that the strict implementation of the registration procedures will bring better income to the exchequer. “The government and the common man will only benefit from any move to implement the rules strictly,” says Unnikrishnan Namboothiri, Sub-registrar, Chalappuram.