Due To Reduction In Stamp Duty Property Registration Increased In Mumbai, Navi Mumbai And Pune

Mrunal Jadhav

Pune, December 31, 2020: Due to the concession given by the Maharashtra state government in stamp duty, the number of property document registrations in the state has increased in four months as compared to last year. The highest number of documents were registered in Mumbai, Navi Mumbai, Thane and Pune, according to the Registration and Stamp Duty Department. 

The last day for citizens to get a 3 percent discount on stamp duty is Thursday (December 31) and the stamp duty will be increased by 1 percent from January 1. 

The state government decided in August to give a two-phase rebate on stamp duty to boost property sales. Accordingly, the stamp duty has been reduced by three percent from September 1 to December 31 and two percent from January 1 to March 31, 2021. As a result, the number of documents registered has increased in the last four months. However, the reduction in stamp duty has not led to a significant increase in revenue. 

Last year, the revenue was Rs 28,989 crore. So far this year, the revenue of Rs 11,000 crore has been collected. Also, from 1st April to 17th December, 15,22,570 documents were registered in the state, while 1,99,689 documents were registered in Pune. During the same period, the revenue of Rs 7399.41 crore was collected in the state and Rs 1457.23 crore in Pune, according to the Registration and Stamp Duty Department.

Inspector General of Registration Omprakash Deshmukh said, “The reduction in stamp duty has led to an increase in document registration. The move to boost property sales has been successful, with Mumbai, Navi Mumbai and Pune showing the highest growth in document registrations. Citizens should take advantage of the concessions available till March 2021.”

Document registration in the current year in the state

January 2,92,354

February 269,508

March 2,14,195

April 1139

May 42,573

June 153,155

July 1,65,139

August 1,83,515

September 2,47,609

October 2,74,235

November 2,74,773

December 4,00,000  

On last day of 3 percent discount in stamp duty, sub-registrar offices to remain open till 9 pm