Maharashtra property registration revenue at Rs 7,507 cr in Q2

Maharashtra property registrations in the second quarter (Q2) in the ongoing financial year (FY) 2022 increased from the previous FY 2019-20. According to data, the registration department collected Rs 7,507 crore during the July-September quarter, higher than Rs 7,112 crore during the same period in 2019. Shravan Hardikar, the inspector general of registration and stamps of the state, told the media that Q2 has helped the department to boost the revenue. The department registered several government projects, mortgages and land transactions of higher value, smaller transactions like gift deeds and leave, and license agreements have declined. Increased property registrations and revenue are expected this month also, along with the implementation of the online registration facility, said the officials. According to senior officials, no standard operating procedure (SOP) was present this year, as was the reduction in stamp duty to boost registrations like the previous year. Besides, due to the festive season, developers are expecting an increase in registrations. Sunil Furde, CREDAI president of the state, said that there was positivity among developers and buyers, which has buoyed the market. He said that they sought sops from the government for the stamp duty reduction this year and expected a positive response from the government. As per a survey by Anarock, in the pandemic, homebuyers were looking forward to purchasing properties ranging between Rs 90 lakh to Rs 2.5 lakh, While 35% of the properties were ranging between Rs 45 lakh to Rs 90 lakh, and around 27% were from affordable housing. In the previous quarter, about 36% were under budget homes. By next week, the registration department will execute software to allow developers to register properties from their offices. Currently, around 350 developers are testing the software. Developers and operators will be trained to use software to streamline the entire process, Hardikar said. He also said that commencement could begin in the coming week. It will allow the developers to reduce the footfalls at the registration offices. Anil Pharande, CREDAI president of Pune, told the media that the implementation of the software would ease the entire registration process. Image SourceAlso read: Mumbai housing registrations surge 35% YoY in Sept: Knight Frank Also read: Out of 67k registered properties under RERA, 46% in Maharashtra