E-Paper
Number of property registrations drops in June post expiry of stamp duty concession
PUNE Lockdown restrictions have had an impact on the number of property registrations in the state
PUNE Lockdown restrictions have had an impact on the number of property registrations in the state. The department of the state’s Inspector General of Registration (IGR) has registered 207,418 documents in June, earning Rs1,831.66 crore as revenue, as compared with 243,799 documents registered in May, where earnings stood at ₹1,157.86 crore. As many as 134,922 documents were registered in April for revenue earnings of ₹807.39 crore.
Credai, the apex real estate body, said that the expiry of stamp duty concession has brought down the registrations in June.
In April 2020, 1,139 documents were registered for an earning of ₹275 crore, and 42,573 documents were registered for ₹516.6 crore in May 2020. In June 2020, 153,155 documents were registered for ₹1m320 crore.
In April 2019, 22,848 documents were registered for a revenue of ₹2,161.6 crore, while 266,223 documents were registered in May, earning ₹2,797.5 crore; while 320,183 documents were registered in June with a revenue earning of ₹2,553.09 crore.
Credai Maharashtra advisor Suhas Merchant, said, “According to the Credai, the stamp duty concession has led to registration of sale deeds and buoyancy in the market. The concession period got over in March 2021 and now 6 per cent stamp duty is being levied. We have given a letter on behalf of our organisation seeking an extension of the concession on stamp duty. Labour, steel and cement costs have gone up, along with the costs of bricks and sand. All these factors will lead to a price rise in the future and will bring down the market.”
The Pune real estate sector was one of the worst- affected due to the Covid 19 pandemic, as projects were halted after migrant workers left the city. Buyers, too, lost their purchasing power.
According to statistics shared by the Inspector General of Registration’s (IGR) office, between September and December 2020, 11,94,013 document registrations were reported. A revenue of Rs11,702 crore was reported for the January to December 2020 period. This was against 844,963 document registrations bringing in Rs28,989 crore in the January-December period of 2019.
