E-Paper
IGR office gets ₹3,293.86 crore revenue in August
As per the IGR office data released on September 5, it has been able to achieve 47% of the targeted revenue in the current fiscal
The Maharashtra State Inspector General of Registration and Stamps (IGR) office saw the highest number of documents (197,577) registered, generating a revenue of ₹3,293.86 crore with an aggregate increase of 10.29% in August this year. In the corresponding month last year, 192,588 documents were registered, generating a revenue of ₹2448.69 crore with an aggregate increase of 8.44%.
As per the IGR office data released on September 5, it has been able to achieve 47% of the targeted revenue in the current fiscal, and has seen registration of 10.79 lakh documents related to the registration of lands, flats and commercial shops during the first five months, garnering a revenue of ₹14,894 crore till August 31.
The IGR office data further stated that Mumbai saw 8,149 property registrations till August this year, generating ₹620 crore in revenue. The property sale registration saw a 20% increase in August 2022 as compared to a 28% drop in July 2022. According to real estate experts, the increase in property registrations in August 2022 was due to strong market sentiment amongst the purchasing class in anticipation of a further rise in prices in future due to extreme volatility and growing interest rates.
Prominent builder and owner of Dorabjee Real Estate, Jehangir Dorabjee, said, “The end of Covid-19 has brought much desired change in the buying mindset of citizens. With a number of festivals lined up in the next three months, there is a very positive and buoyant sentiment amongst the buyers, and registrations will increase in the next few months and the trend will continue even during the new year.”
IGR Shravan Hardikar said, “We have seen a high volume of registrations during August and the last few months. The market sentiment is strong. Before the start of the pandemic, the e-registration facility was only available for leave and license agreements whereas it has now been extended to property registration. This facility will further boost property registrations in future.”
