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According to data released by the Maharashtra registration department earlier this week, the state property registration department has already met 78 per cent of its annual revenue target for the year in November. The robust collections are being attributed to several high-value property registrations, higher ready reckoner rates and stamp duty fees. The state is said to have collected approximately Rs 25,000 crores as of 28 November 2002, inching closer to its yearend target of Rs 32,000 crores.
According to data released by the Maharashtra registration department earlier this week, the state property registration department has already met 78 per cent of its annual revenue target for the year in November. The robust collections are being attributed to several high-value property registrations, higher ready reckoner rates and stamp duty fees. The state is said to have collected approximately Rs 25,000 crores as of 28 November 2002, inching closer to its year end target of Rs 32,000 crores.
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Leaders of the National Real Estate Development Council (NAREDCO) and Confederation of Real Estate Developers' Association of India (CREDAI) believe that if stamp duty fees had been decreased, registrations and revenue would have been healthier. In October this year, chief minister Eknath Shinde promised these developers' groups that he would examine the stamp duty fees for real estate registrations. However, the state is yet to make a decision regarding the same.
In Pune, Mumbai, and Nagpur the stamp duty on the registration of real estate had increased by 1% as a result of the implementation of the metro cess. Stamp duty is currently 6% in Mumbai, 7% in Pune, Nagpur, and Thane. Some of the most costly and expansive real estate markets in the nation can be found in Pune and Mumbai. Developers fear that the current interest rate cycle will have a dampening effect on demand and are therefore urging the state government to come to a consensus swiftly.
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