Maharashtra Accumulates Rs 7,507 crores in Revenue from Property Registrations in Q2 FY22

By : 360 Realtors

16 October, 2021

Maharashtra has seen a surge in the number of registration of properties in the second quarter of the ongoing financial year. The number of registrations far exceeded those in the corresponding quarter in 2019-2020. The state registration department amassed Rs. 7, 507 crores in revenue during the July-September quarter, which is slightly higher than the Rs. 7, 112 crores earned during the same period in 2019.

The state’s inspector-general of registration and stamps stated that high-value registrations during the second quarter helped in boosting revenue for Maharashtra. Several government projects, mortgages, and even land transactions of a higher value-added to the revenue. Several smaller transactions such as gift deeds and leave and license agreements saw a slight decrease in the quarter.

Officials stated that they were expecting increased registrations and revenue in the current quarter as well due to the impending rollout of the e-registration facility software, which would allow developers to register properties right from their offices.

Senior officials have stated that no sops were given this year, like the reduction in stamp duty that was announced last year, to boost revenue and registrations. However, with the upcoming festive season, an increase in registrations is expected. State CREDAI president stated there has been a rise in positive sentiment among developers and buyers which has led to a rise in the real estate market. Realtors have managed to cope better in the aftermath of the second wave of COVID 19, and have learned from the previous year. There has been a decrease in restrictions as well. The aggressive vaccination strategy in Maharashtra is also a reason behind the positive sentiment in the real estate market. He added that they have sought for sops this year as well, like stamp duty reduction in the last year, and were awaiting a positive response from the government.