+
More than 3,000 properties registered in Mumbai in just 11 days
Real Estate

More than 3,000 properties registered in Mumbai in just 11 days

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.

Also Read
Varanasi and Agra lead smart city goals
Bengaluru plans to build four new metro lines

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. Also Read Varanasi and Agra lead smart city goals Bengaluru plans to build four new metro lines

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code