Maharashtra collection of stamp duty down 17% in November 2021

Maharashtra’s stamp duty collections dipped by a steep Rs 548 crore or 17% between October and November this year, indicating a decline in real estate transactions which had seen a steady rise as pandemic restrictions lifted. The stamp duty and registration fee revenue dipped from Rs 3,220 crore in October to Rs 2,672 crore in November, the latest data shows.

So far in this financial year, October had reported the highest collections. Officials say the dip in November was expected and was in line with the average revenue in the rest of the months.

“October revenues shot up perhaps because real estate sales were higher in the run-up to Diwali. It also reflected the release of pent-up demand,” said a senior Maharashtra government official who did not wish to be named.

Real estate transactions have increased steadily since last year. In 2020, the economic hit of the lockdown slowed down sales, but the state’s cut on stamp duty resulted in a turnaround. This year’s transactions so far have been higher than last year.

In the eight-month period between April and November, the state has collected stamp duty and registration fees worth Rs 17, 332.5 crore. This is 69% higher than the revenue generated during the same period last year, which was Rs 10,270 crore.

Real estate circles say although sales have improved since last year, getting home loans remains a challenge. “Definitely, there are more inquiries and sales this year as the economy improves. But improving credit status and getting housing loans is challenging. It takes time for the housing loan to be cleared since people have to first address other pending loans,” said Nayan Shah, former president of the Maharashtra Chamber of Housing Industry.

The revenue from stamp duty and registration fees in Maharashtra was Rs 845 crore in April this year. It rose to Rs 1,157 crore in May, then further to Rs 1,831 crore in June and further still to Rs 2,411 crore in July. The rise continued in August (Rs 2,537 crore) and September (Rs 2,654 crore) and reached Rs 3,220 crore in October, the highest since April, which officials attributed to higher sales closer to Diwali and the result of demand having built up over a period of time.

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