Maharashtra Eyes Sixty-Billion Rupee Revenue Boost

10 Dec 2024 CW Team

The Maharashtra property registration department is bracing for an additional Rupees 60 billion ($720 million) increase in its revenue target for the current fiscal year. This adjustment is anticipated to support various government schemes, including an increase in benefits for the "Ladki Bahin" initiative.

“We've achieved nearly 64% of our Rupees 550 billion ($6.6 billion) target before December. After the new government formation, a target revision is expected,” the official stated.

The department has already registered 17.59 lakh documents this financial year, generating Rupees 352.8 billion ($4.23 billion), which accounts for 64% of its current goal. October saw the highest revenue, despite a slight dip in registrations during September and November.

Challenges Ahead The property registration and excise departments are significant contributors to the state exchequer. Officials anticipate guidance from the new revenue minister to meet the higher targets. However, constraints remain as Ready Reckoner rates, a key factor in determining property valuation, cannot be revised mid-year.

“Some revisions under the Stamp Act might increase stamp duty, but achieving the revised target within the remaining four months of the fiscal year will be challenging,” an official noted.

Developers have been lobbying for a freeze on Ready Reckoner rates for at least three years, but a revision in the next fiscal year appears likely.

With property registrations stable at about two lakh per month, the department is exploring innovative strategies to bridge the funding gap for critical welfare initiatives.

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