According to the Maharashtra department of registration and stamps, 3,244 properties were registered in Mumbai alone on March 11, generating Rs 249.42 crore in stamp duty and registration fees.
In total, 46,811 conveyance deeds were recorded in the state during the period, generating Rs 877.79 crore in revenue. There is currently a 6% stamp duty fee and a 1% registration fee, in addition to other taxes such as the metro cess and local body tax. Stamp duty has been waived for female homebuyers by 1%.
Real estate experts believe that property registrations will be strong, particularly in the high-priced luxury segment, because capital gains tax will be implemented in April. In fact, the month of February saw the highest revenue collection in Mumbai in the previous five years. The central government's recent move to limit capital gains tax deductions to Rs 10 crore is thought to be a major factor behind the high sales of high-priced homes in Mumbai and other major cities. Experts predict that revenue will be collected at a similar rate in March.
To instill confidence in homebuyers, the MahaRERA real estate regulatory authority is raising awareness to assist them in preventing their hard-earned money from becoming stuck in any stressed project. It has urged them to buy only in RERA-registered projects and after conducting a background check.
The regulator has also issued several dos and don'ts for developers to follow in order to make all information available to the public. A circular informed all developers that they could not use common bank accounts containing 70% of homebuyers' money for multiple projects.
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