Revenue higher than last year despite fewer property registrations in Maharashtra

During September and October last year, as many as 521,844 properties were registered in Maharashtra, bringing Rs3,552 crore in revenue. However, from September to October 17 this year, Rs4,229 crore came to the government exchequer even though only 268,825 properties were registered

PUNE: Despite fewer property registrations, revenue during the festive season this year has been higher than the corresponding period last year. During September and October last year, as many as 521,844 properties were registered in Maharashtra, bringing Rs3,552 crore in revenue. However, from September to October 17 this year, Rs4,229 crore came to the government exchequer even though only 268,825 properties were registered. According to property market experts, revenue generation has jumped this festive season without stamp duty incentive support.

Despite fewer property registrations, revenue during the festive season this year has been higher than the corresponding period last year. (REPRESENTATIVE PHOTO)

Jehangir Dorabjee, a prominent real estate developer and managing director of Dorabjee Estates Private Ltd, said, “We have been getting good bookings during the festive season as people are forgetting Covid and looking into the future. Also, buyers believe in the positivity of buying during the festive season. Many buyers wait for the festive season and the housing market is getting the much needed buoyancy after a long time.”

Earlier, restrictions during the lockdown/s impacted the number of property registrations in the state. The department of the state’s inspector general of registration (IGR) registered 207,418 documents in June 2021, earning Rs1,831.66 crore in revenue, as compared to registering 243,799 documents in May 2021 and earning Rs1,157.86 crore in revenue. In April 2021, as many as 134,922 documents were registered for revenue earnings of Rs807.39 crore. According to CREDAI, the apex real estate body, property registrations fell in June 2021 due to expiry of stamp duty concession.

In April 2020, 1,139 documents were registered for revenue earnings of Rs275 crore whereas in May 2020, 42,573 documents were registered for revenue earnings of Rs516.6 crore. In June 2020, 153,155 documents were registered for revenue earnings of Rs1,320 crore.

By comparison, in April 2019, 22,848 documents were registered for revenue earnings of Rs2,161.6 crore while in May 2019, 266,223 documents were registered for revenue earnings of Rs2,797.5 crore. In June 2019, 320,183 documents were registered for revenue earnings of Rs2,553.09 crore.