Property registrations in Mumbai drop by 50% in April
Real Estate

Property registrations in Mumbai drop by 50% in April

The Maharashtra government's decision to renege on the stamp duty cut offer has led to a 50% dip in property registrations and stamp duty revenue in Greater Mumbai in April, in comparison to March.

Between April 1-28, only 8,754 property documents were registered in Mumbai, while revenue collection as stamp duty was at Rs 464 crore. Data shows that 17,728 property documents were registered in March, which earned the state Rs 875 crore.

Stamp duty revenue collected across Maharashtra in March and April also showed a sharp difference. In March, the state earned Rs 9,067 crore as stamp duty when 2.13 lakh property documents were registered. In April (till Wednesday afternoon), the collection was Rs 1,103 crore from 83,843 registered documents.

Industry experts told the media that the primary reason which compiled this data was the state's decision to not extend stamp duty benefits. Last year, when the first wave of Covid-19 crippled the real estate market, the state government slashed stamp duty from 5% to 2% from September 1 till December 31, 2020. It was then marginally increased to 3% from January 1 till 31 March 2021.

The stamp duty cut led to a surge in apartment sales between September 2020-March 2021. Real estate developers urged the state to extend the benefit, but the government rolled back the duty to 5% from April.

Image Source


Also read: Consistent growth in sales during stamp duty cut period: Anarock

Also read: Real estate stamp duty: Maha govt reinstates 5%, industry reacts

The Maharashtra government's decision to renege on the stamp duty cut offer has led to a 50% dip in property registrations and stamp duty revenue in Greater Mumbai in April, in comparison to March. Between April 1-28, only 8,754 property documents were registered in Mumbai, while revenue collection as stamp duty was at Rs 464 crore. Data shows that 17,728 property documents were registered in March, which earned the state Rs 875 crore. Stamp duty revenue collected across Maharashtra in March and April also showed a sharp difference. In March, the state earned Rs 9,067 crore as stamp duty when 2.13 lakh property documents were registered. In April (till Wednesday afternoon), the collection was Rs 1,103 crore from 83,843 registered documents. Industry experts told the media that the primary reason which compiled this data was the state's decision to not extend stamp duty benefits. Last year, when the first wave of Covid-19 crippled the real estate market, the state government slashed stamp duty from 5% to 2% from September 1 till December 31, 2020. It was then marginally increased to 3% from January 1 till 31 March 2021. The stamp duty cut led to a surge in apartment sales between September 2020-March 2021. Real estate developers urged the state to extend the benefit, but the government rolled back the duty to 5% from April. Image Source Also read: Consistent growth in sales during stamp duty cut period: Anarock Also read: Real estate stamp duty: Maha govt reinstates 5%, industry reacts

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?