IGR office earns ₹42,000 crores in revenue, 131% more than projected earnings
According to the IGR office, 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
PUNE: After two years of revenue losses due to Covid-19 restrictions, the Inspector-General of Registration and Stamps (IGR), Pune office, has notched up revenue worth ₹42,000 crores which is ₹10,000 crores (131%) more than the target set by the government for the current fiscal.
According to the IGR office, 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; lifting of Covid-19 restrictions; and rise in projects intended for people with lower incomes which have led to an increase in land transactions and consequently, in revenue. Flat transactions have increased in cities such as Pune, Mumbai, Nashik, Chhatrapati Sambhajinagar and Nagpur. Add to that the metro surcharge on stamp duty in cities like Pune, Mumbai and Nagpur and the IGR office’s revenues have multiplied.
While the state government had set a target of Rs32,000 crores in revenue from registration for the financial year 2022-23, the same was achieved in January itself when the state earned ₹32,845.66 crores in revenue. Thereafter, the increase in income continued over the two months of February and March, 2023.
So far, 2,548,719 documents have been registered in the state. It is clear from the statistics that 165,000 more documents have been registered this year as compared to last year. There has been greater response to document registration in cities such as Pune, Mumbai, Nagpur, Raigad, Nashik and Navi Mumbai.