There has been a steady increase in the registration of documents and the revenue generated from it. This has been due to an increase in building permits issued over the years. After a major reform, the introduction of self-certification scheme in July 2024, there has been a sharp increase in issuing building permission, with permissions issued already reaching 59,910 in the current year, surpassing total permits issued in the previous fiscal, according to the State’s Economic Survey for 2024-25 released on Thursday.
The number of documents registered in Tamil Nadu has shown consistent growth over the years – from 25.88 lakh in 2019-20 to 33.23 lakh in 2023-24, and 33.24 lakh estimated for 2024-25. During the same period, the revenue generated from this service has increased from ₹11,028 crore to ₹18,825 crore, and is projected to be ₹22,814 crore for the current financial year, the survey said.
Real estate is one of the major components in the services sector in the State. The sector witnessed a real annual growth rate of 7.97 per cent from 2020-21 to 2023-24. During the same period, its sub-sector – real estate – grew at 9.41 per cent; trade, repair, hotels and restaurants at 7.98 per cent; transport and storage at 7.67 per cent; public administration at 5.74 per cent and financial services at 4.69 per cent, the survey said.