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

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?