Maharashtra collects Rs 7,507 crore in revenue from property registrations in Q2 FY22

The registration of properties across Maharashtra in the second quarter of the ongoing financial year has outpaced the number of registrations in the corresponding quarter in the pre-pandemic 2019-20 fiscal.

PUNE: The registration of properties across Maharashtra in the second quarter of the ongoing financial year has outpaced the number of registrations in the corresponding quarter in the pre-pandemic 2019-20 fiscal.

As per data available with the state registration department, Rs7,507 crore was collected in revenue during the July-September quarter, slightly higher than the Rs7,112 crore earned during the same period in 2019.

Registrations are the largest source of revenue for the state exchequer.

The state’s inspector-general of registration and stamps, Shravan Hardikar, told TOI that high-value registrations during the second quarter primarily helped boost revenue. “We registered many government projects, mortgages and even land transactions of a higher value,” Hardikar said, adding, “Smaller transactions such as gift deeds and leave and license agreements have seen a decrease.”

Officials said they were expecting increased registrations and revenue this month too, with the impending rollout of the e-registration facility — software that would allow developers register properties right from their offices.

Senior government officials, however, pointed out that there were no sops this year, such as reduction in stamp duty that was announced last year, to boost revenue and registrations. Despite this, with the festive season around the corner, developers said they were expecting an increase in registrations.

State Credai president Sunil Furde said there was a positive sentiment among developers and buyers, which has buoyed the market. “Aided by lessons from last year, realtors are managing to cope better in the aftermath of the second wave, with relatively less stringent restrictions. The aggressive vaccination strategy in the state too has helped,” Furde said.

He said they had sought sops — on the lines of the stamp duty reduction this year too and were awaiting a positive response from the government.

A recent survey by real estate consultant Anarock stated that, catalysed by the second wave, home buyers were increasingly looking to purchase properties in the range of Rs 90 lakh to Rs 2.5 crore, rather than in the affordable segment. While 35% favoured properties priced between Rs45 lakh and Rs90 lakh, 27% preferred affordable housing. In the previous quarter, nearly 36% had been in favour of budget homes, the report stated.

Rollout of software for e-registration next week

The state registration department will roll out software next week that would allow developers to register properties right from their offices. The software is being tested right now with the help of 350 developers, most of them from Pune and Mumbai. Hardikar on Saturday said operators and developers will be trained in using the software, which is aimed at streamlining the entire process.

“From the coming week, the process can commence. This will enable more developers to come forward and also reduce footfalls at the registration offices,” Hardikar further added.

Pune Credai president Anil Pharande said the software will ease the entire process of registration.

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Source: realty.economictimes.indiatimes.com