Unprecedented rise in revenue collection by the Maharashtra’s registration and stamp duty department, driven by a significant increase in property transactions.
In a significant financial upturn, the Maharashtra‘s registration and stamp duty department has reported a substantial surge in revenue. Between April and October this year, a staggering 15,53,000 registration transactions were recorded, resulting in a revenue collection of ₹25,477 crores. Compared to the same period in the previous year, this marks a remarkable increase of ₹3,735 crores, coupled with a notable rise of 90,000 in the number of document registrations.
Rapid Transaction Growth
The surge in revenue is attributed to a notable increase in property transactions across the state. Land, flat, and shop purchases, contracts between individuals or organizations, award deeds, tenancy agreements, and share market dealings contributed to this remarkable growth. In April 2023 alone, 2,24,673 documents were registered, generating revenue amounting to ₹2,875 crores. The trend continued, with May witnessing 2,20,735 registrations and revenue of ₹3,439 crores, and June recording 2,51,699 deeds resulting in revenue of ₹3,804 crores.
Government Initiatives
Government policies, including maintaining the ready reckoner rates and promoting urbanization, played pivotal roles. By keeping the ready reckoner rates constant, the government encouraged increased registrations, leading to a boost in the state treasury. Urbanization initiatives, coupled with brisk buying and selling activities in both urban and rural areas, contributed substantially to the surge in document registrations.
This remarkable growth has positioned the Maharashtra’s registration and stamp duty department well on its way to achieving its ambitious target of ₹45,000 crores for the financial year 2023-24. With a proactive approach and conducive policies, Maharashtra is witnessing not only financial prosperity but also fostering a vibrant real estate landscape.