Gujarat Stamp Duty Collections Surge 60%
Real Estate

Gujarat Stamp Duty Collections Surge 60%

Gujarat has witnessed a remarkable 60% increase in stamp duty collections during the fiscal year 2024, signalling robust activity in the state's real estate sector. The surge in stamp duty collections reflects heightened property transactions and investments, buoyed by favourable market conditions and government initiatives.

The substantial rise in stamp duty collections is attributed to factors such as increased property sales, rising property values, and improved investor sentiment. Government policies aimed at boosting the real estate sector, such as reduced stamp duty rates and incentives for homebuyers, have also contributed to the surge in collections.

The surge in stamp duty collections bodes well for Gujarat's economy and underscores the resilience of its real estate market amidst challenging times. The strong performance reflects confidence among investors and homebuyers in the state's property market and its potential for growth and returns.

The state government's focus on infrastructure development and urbanisation has further fueled demand for real estate in Gujarat, driving up property transactions and stamp duty collections. Additionally, the implementation of digital initiatives and streamlined processes has facilitated smoother property transactions, contributing to the increase in stamp duty collections.

The surge in stamp duty collections in Gujarat is expected to have a positive impact on the state's revenue and economic growth. It also reflects the effectiveness of government policies and initiatives in stimulating economic activity and fostering a conducive environment for real estate development and investment.

Gujarat has witnessed a remarkable 60% increase in stamp duty collections during the fiscal year 2024, signalling robust activity in the state's real estate sector. The surge in stamp duty collections reflects heightened property transactions and investments, buoyed by favourable market conditions and government initiatives. The substantial rise in stamp duty collections is attributed to factors such as increased property sales, rising property values, and improved investor sentiment. Government policies aimed at boosting the real estate sector, such as reduced stamp duty rates and incentives for homebuyers, have also contributed to the surge in collections. The surge in stamp duty collections bodes well for Gujarat's economy and underscores the resilience of its real estate market amidst challenging times. The strong performance reflects confidence among investors and homebuyers in the state's property market and its potential for growth and returns. The state government's focus on infrastructure development and urbanisation has further fueled demand for real estate in Gujarat, driving up property transactions and stamp duty collections. Additionally, the implementation of digital initiatives and streamlined processes has facilitated smoother property transactions, contributing to the increase in stamp duty collections. The surge in stamp duty collections in Gujarat is expected to have a positive impact on the state's revenue and economic growth. It also reflects the effectiveness of government policies and initiatives in stimulating economic activity and fostering a conducive environment for real estate development and investment.

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Suraksha Smart City offers a limited inventory of apartments within walking distance from Vasai Railway Station, making homeownership accessible to many. With prices starting at Rs 19,99,999 (after a direct government subsidy of Rs 2.5 lakh) plus statutory charges, these apartments cater to households with an annual income..

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Registration of properties in Mumbai rises 10% in March 2024

Greater Mumbai (the area under BMC jurisdiction) in March 2024 recorded registration of 14,411 properties, contributing to a revenue of Rs 1,143 crore for the state government.

Registrations increased by 10% year-on-year (YoY) while revenue from property registrations dipped by 7% on a YoY basis.

On a month-on-month (MoM) basis, total registration and stamp duty collections increased by 20% and 29% respectively.

Here are comments from a few real estate experts on the robust property registration numbers.

Prashant Sharma - President, NAREDCO Maharashtra, said Th..

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Stamp duty amnesty in Maharashtra extended to June 2024

The Maharashtra government has extended the stamp duty amnesty scheme for the third time, offering relief to property owners until 30 June 2024.

The decision to extend the scheme was formalised through an order that stated, "...And whereas, the Government of Maharashtra considers it expedient to amend the said Order to extend the period of the second phase from the 1 March 2024 till the 30 June 2024 for the said Amnesty Scheme-2023."

The 'Mudrank Shulakh Abhay Yojana' or Stamp Duty Amnesty Scheme was launched in December 2023 to encourage buyers to settle outstanding stamp duty..

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Brookfield India REIT to Acquire Bharti's Stake in Realty JV

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With this acquisition, Brookfield?s REIT in India and Brookfield Asset Management will collectively control Rostrum Realty. This move is part of Brookfield's strategy to expand its real estate portfoli..

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DLF Ventures into Mumbai, Goa with Luxury Homes This Year

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In Mumbai, DLF will launch a premium condominium project in Andheri, featuring luxury apartments priced between ?6 crore and ?8 crore. This development signifies DLF's re-entry into Mumbai's real estate market after a long hiatus. The project aims to cater to the burgeoning demand for luxury homes in India's financial capital.

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