Explore the surge in revenue collection by the state’s registration and stamp duty department, generating ₹32,263 crores from 19 lakh 43 thousand documents between April 2023 and October 2023. The article delves into the department’s pivotal role, increased revenue, and the impact on government projects.
Pune’s Registration Department Records ₹32,263 Crores in Nine Months
In a remarkable feat, the registration and stamp duty department in Pune has amassed a staggering revenue of ₹32,263 crores from 19 lakh 43 thousand documents over the first nine months of the fiscal year 2023-24. This substantial increase of nearly ₹3,000 crores compared to the previous year showcases the department’s pivotal role in financing various government projects.
Yearly Revenue Comparison
Last year, between April 2022 and December 2022, the department collected ₹29,307 crores from 18 lakh 76 thousand documents. This year’s revenue surge of ₹32,263 crores, coupled with an increase of 67 thousand documents, reflects the growing financial contributions to crucial initiatives.
Government Schemes and Infrastructure Funding
The heightened revenue is instrumental in fueling government initiatives, including roads, irrigation projects, airports, and metro projects. With substantial funds now available, the government is better positioned to kickstart and sustain a myriad of projects aimed at overall development.
Department’s Ranking and Revenue Generation
The registration and stamp duty department stands as the second-highest revenue generator for the state. Operating at the time of various document registrations, such as land and property transactions, contracts, tenancy agreements, and more, the department plays a vital role in contributing to the government’s exchequer.
Annual Target and Achievement
For the financial year 2023-24, the registration department set a target of ₹45,000 crores. Impressively, within the first nine months, 72% of the total target has already been achieved. This financial prowess is evidenced by the continuous increase in document registrations.
Monthly Breakdown of Registrations and Revenue
Breaking down the nine-month period, the department witnessed consistent monthly achievements. For instance, in April 2023, 2 lakh 24 thousand 673 documents were registered, contributing ₹2,875 crores. The subsequent months showed similar trends, with each month contributing significantly to the department’s revenue.
Factors Driving Revenue Surge
Several factors contribute to this year’s remarkable revenue surge. The state government’s decision to maintain ready reckoner rates without annual increases incentivized more registrations. Additionally, the ongoing urbanization in the state and increased buying and selling activities have further fueled the surge in registrations.
Fiscal Year Comparison – Registration Numbers and Revenue
An insightful comparison across fiscal years reveals the department’s consistent growth. In the fiscal year 2020-21, 27,68,493 documents generated revenue of ₹25,651 crores. This figure rose to 23,83,712 documents and ₹35,171 crores in 2021-22. In 2022-23, the department recorded 25,76,536 documents, contributing ₹44,602 crores. The current fiscal year, 2023-24, has already witnessed 19,43,686 registrations, accumulating ₹32,263 crores by 18 December.
Conclusion: Driving Economic Growth
Pune’s registration and stamp duty department, with its impressive revenue collection, emerges as a key player in the economic growth of the state. As the fiscal year progresses, the department’s contributions are poised to play a crucial role in advancing government projects and fostering overall development.