Maharashtra records 93% property registration revenue hike in July

24 Aug 2021 CW Team

Maharashtra state registration department had achieved 93% revenue growth this year in July, similar to the pre-pandemic revenue target in July 2019.

Inspector-in-general of registration and controller of stamps, Shravan Hardikar, said it is a good sign to achieve the 2019 target this year. The total revenue generated by the registration department in July 2021 is Rs 2,411.8 crore, compared to Rs 2,594.2 crore in July 2019.

Around 1.7 lakh documents have been registered in July 2021, compared to 2.6 lakh documents in July 2019, but the total revenue is 7% less.

Maharashtra government had recorded four years of high registrations and revenue collection last year in November and December because of the stamp duty waiver. According to the realty experts, citizens availed themselves of the stamp duty waiver from September to December and then from January to March, which may have affected the actual transaction value. According to a property expert, big project registrations might have happened in July, which helped in increasing the revenue.

Officials from the property registration department said that low-value sales were affected, and due to the second wave of the Covid-19 pandemic, low-cost housing projects were not getting many registrations. An official said that a few big housing projects and more land transactions might have brought more revenue to the department.

Vice President of Confederation of Real Estate Developers Associations of India (CREDAI), Shantilal Kataria, told the media that there were more sales in July, but the actual registrations may have been affected due to rain and flood in many places. He further said that the department is expecting more project announcements, the Unified Development Control and Promotion Regulations (DCR), developers will change the plans then, and the registrations will be slowly picked up.

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Also read: New Delhi residential prices drop 0.2% YoY: Knight Frank report

Maharashtra state registration department had achieved 93% revenue growth this year in July, similar to the pre-pandemic revenue target in July 2019. Inspector-in-general of registration and controller of stamps, Shravan Hardikar, said it is a good sign to achieve the 2019 target this year. The total revenue generated by the registration department in July 2021 is Rs 2,411.8 crore, compared to Rs 2,594.2 crore in July 2019. Around 1.7 lakh documents have been registered in July 2021, compared to 2.6 lakh documents in July 2019, but the total revenue is 7% less. Maharashtra government had recorded four years of high registrations and revenue collection last year in November and December because of the stamp duty waiver. According to the realty experts, citizens availed themselves of the stamp duty waiver from September to December and then from January to March, which may have affected the actual transaction value. According to a property expert, big project registrations might have happened in July, which helped in increasing the revenue. Officials from the property registration department said that low-value sales were affected, and due to the second wave of the Covid-19 pandemic, low-cost housing projects were not getting many registrations. An official said that a few big housing projects and more land transactions might have brought more revenue to the department. Vice President of Confederation of Real Estate Developers Associations of India (CREDAI), Shantilal Kataria, told the media that there were more sales in July, but the actual registrations may have been affected due to rain and flood in many places. He further said that the department is expecting more project announcements, the Unified Development Control and Promotion Regulations (DCR), developers will change the plans then, and the registrations will be slowly picked up. Image Source Also read: New Delhi residential prices drop 0.2% YoY: Knight Frank report

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