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IGR office poised to achieve landmark ₹50,000 crore target by March 31
According to the IGR office, the rapid urbanisation of the newly merged areas with the municipal corporations and councils and the rapid expansion of cities has led to a large number of property transactions leading to robust revenue growth across all areas of the state
The Inspector General of Registration and Stamps has posted a revenue earning of ₹47,438 crore for 2023-2024 compared as compared to ₹44,681 crore the previous year. The State Revenue Department had directed the IGR office to achieve a revenue target of ₹50,000 crore for the current fiscal year. The IGR office registered as many as 27.59 lakh documents compared with 25.76 lakh documents last year.
According to the IGR office, the rapid urbanisation of the newly merged areas with the municipal corporations and councils and the rapid expansion of cities has led to a large number of property transactions leading to robust revenue growth across all areas of the state.
The increase in earnings is due to factors such as a growing number of big-ticket projects across the state such as airports, highways and the ring road; and a rise in projects intended for people with lower incomes.
Flat transactions have increased in cities such as Pune, Mumbai, Nashik, Chhatrapati Sambhajinagar, Nagpur and other growth centres. In addition to that, the metro surcharge on stamp duty in cities like Pune, Mumbai and Nagpur has led to a multiplication of the IGR office’s revenues.
Generating department after the Goods and Services Tax (GST). It through its sub-registrar offices across Maharashtra charges 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.
Reacting to the development, realtor Jehangir Dorabjee said, “The Department of Registration and Stamps, known for its consistent record-breaking revenue collections, continues its streak of financial success. In the fiscal year 2022-23, the department has achieved a staggering revenue of ₹44,681 crores. Demonstrating remarkable growth, the department has surpassed its milestone this year, accruing an impressive ₹47,438 crores in the fiscal year 2023-24. Rapid urbanisation, coupled with burgeoning real estate transactions in both urban and peri-urban areas, has significantly contributed to the department’s robust revenue stream, “ he said
This fiscal year, amid the backdrop of the newly formed Bharatiya Janata Party (BJP)- led government and impending Lok Sabha and Assembly elections, the government has made substantial allocations for development initiatives. Ambitious projects spanning road infrastructure, irrigation, and metro networks have been initiated, necessitating substantial financial resources.
IGR office in a statement said as the fiscal year draws to a close, the Department of Registration and Stamps stands poised to not only meet but potentially exceed the formidable revenue target, bolstering the state’s coffers and facilitating critical development endeavours.
