In March, Quarter 1 of FY 2021-2022, the financial capital, Mumbai recorded a surge by 365% in property registrations with toll standings of 17,681 closed deals, as per the datasheets released from the office of the IG, Registration Office, Maharashtra. In addition, stamp duty collection also witnessed a 174% hike compared to yesteryear to Rs 837 crore in March ending.
Financial transactions while registration of property in Mumbai is, the country’s biggest and costliest realty market, which continues to expand at a swift pace for a few months now in March driven by record-low house debt interest rates, multiple discounts and the slump in stamp duty rates.
“The central government’s stance to cut the stamp duty rates has got a favourable response from real estate investors and buyers which in turn has recorded significant hike in registration numbers in the last six months. Our offices located here in Mumbai have surpassed the benchmark set as targets in reference to stamp duty charges collection,” said DIG Registration Deptt, Mumbai division.
As of now, this is considered the second-highest registration toll recorded in the past 7 months since the state government of Maharashtra announced the stamp duty dip that will be ending by this evening. There been recorded sustained growth with the country’s commercial capital set at a historic high record of 19,552 closed deals in December with an increase of 204% comparable to yesteryear.
Given that the registration in real estate has witnessed unprecedented growth since the central government had announced the cut in stamp duty charges in August yesteryear, the real estate developers have urged the central government to reconsider the decision.
“State government of Maharashtra has played a massive role in successfully placing the unprecedented measures like cuts in stamp duty to a huge extent so as to kickstart real estate investments ensuring a boost in real estate market post-Covid,” told Dr Niranjan Hiranandani, President of the NAREDCO Group.
The real state developers have welcomed the government’s decision to not increase the ready reckoner prices and provide a 1% relaxation in rates in stamp duty to women buyers or realtors.