The State Inspector General of Registration and Controller of Stamps (IGR) has registered 1,999,036 documents and earned a revenue of ₹33,072 crore meeting 73.49 per cent of the target revenue fixed at ₹45,000 crore till date with three months remaining for the end of the financial year in March 2024.
The IGR office records revenue earnings due to registration from April to March. During 2022-23, the office registered 2,576,536 documents and earned ₹44,602 crore while it clocked ₹35,171 crore as against registration of 2,383,712 documents for 2021-2022.
The IGR office has attributed robust revenue generation to government projects like ring road, metro project, land acquisition for Maharashtra Industrial Development Corporation (MIDC) and increase in construction activities like flyovers and road expansion drives where huge land parcels were acquired by the state. Besides, several private developers had launched mega residential and commercial projects which too boosted IGR revenue earnings.
Prominent real estate developer Jehangir Dorabjee said, “Mumbai and Pune residential market has continued to demonstrate very strong growth as aspiring homebuyers are looking for change from their existing flats to big homes. Though there has been an increase in property prices, it has not dampened the spirit of new and old homebuyers who are continuously looking for more spacious accommodation. Overall, the housing market of Pune city continues to show a positive outlook and is bolstered by ongoing strong consumer demand for bigger flats with more world class amenities.”
The IGR office stated that it has earned a major chunk of its revenues from metro cess which accounts for an additional 1 per cent stamp duty on registration of all properties. The cess was introduced in February 2019 in metropolitan cities like Mumbai, Pune, Thane and Nagpur to fund public infrastructure projects comprising bridges, flyovers and metros. The office has become the highest revenue generating department after the Goods and Services Tax (GST). It through its sub registrar offices across Maharashtra charge stamp duty for the registration of various documents such as land purchases, sales, flats, shops, contracts between individuals or organisations, gift deeds, and tenancy agreements.
{{/usCountry}}The IGR office stated that it has earned a major chunk of its revenues from metro cess which accounts for an additional 1 per cent stamp duty on registration of all properties. The cess was introduced in February 2019 in metropolitan cities like Mumbai, Pune, Thane and Nagpur to fund public infrastructure projects comprising bridges, flyovers and metros. The office has become the highest revenue generating department after the Goods and Services Tax (GST). It through its sub registrar offices across Maharashtra charge stamp duty for the registration of various documents such as land purchases, sales, flats, shops, contracts between individuals or organisations, gift deeds, and tenancy agreements.
{{/usCountry}}“The government has several major projects in progress, including roads, irrigation projects, airports, and metro projects, all of which require significant funding. The revenue collected by the registration department is essential for these projects, and the government relies on it to decide which projects to prioritise based on the amount of revenue collected,” said Inspector General of Registration and Stamps (IGR) Hiralal Sonawane.
Real estate developer Rohit Gera said, “For homebuyers, navigating this dynamic market, prioritising reputed developers with strong track records is crucial. Choosing markets with robust job creation ensures potential price appreciation due to increased housing demand. Good civic and social infrastructure, often a product of government investment, is another key factor to consider for a desirable quality of life. Finally, remember that real estate is a long-term game; don’t chase quick profits but invest with a long-term perspective. The residential real estate market is poised for continued growth in 2024, but potential challenges necessitate careful navigation. By prioritising reputable developers, job-rich markets, good infrastructure, and a long-term investment mindset, homebuyers can position themselves for success in this promising landscape.”