Maharashtra: State Stamp Duty Department Collects Rs 33,000 Crores In Eight Months, Achieves 60% Of Annual Target

Pune, 2nd December 2024: The State Registration and Stamp Duty Department has recorded a revenue of ₹33,000 crores from the registration of 16.66 lakh documents between April and November this fiscal year. This amounts to 60% of the annual revenue target of ₹55,000 crores set by the state government for the department.

Stamp duty, a major source of revenue for the state, is collected during the registration of various documents, including the purchase and sale of land, flats, shops, tenancy agreements, contracts, and award deeds. The department, the second-largest contributor to state revenue, has credited this substantial collection to urbanization and the surge in real estate transactions in cities like Pune, Mumbai, Thane, Nagpur, and Nashik.

The state’s ongoing urbanization has resulted in increased buying and selling of flats, shops, and land in both urban areas and villages adjacent to city limits. This has significantly boosted the registration of property deeds, bringing more revenue to the government.

To support large-scale infrastructure projects such as roads, metro networks, airports, and irrigation initiatives, the state government heavily relies on revenue collected from stamp duty. The allocation of funds for these projects is determined by the revenue collected, making the Registration Department’s performance critical.

This fiscal year, the government opted to keep the Ready Reckoner (RR) rates stable, without increasing the annual market value rates. This decision has spurred transactions, resulting in increased registrations and revenue collection, benefiting buyers and the government treasury.

Revenue Collection Breakdown (April–November 2024):

– April: 2,24,318 documents, ₹3,767 crore
– May: 2,52,331 documents, ₹4,335 crore
– June: 2,05,907 documents, ₹4,400 crore
– July: 2,44,211 documents, ₹4,700 crore
– August: 2,35,467 documents, ₹5,031 crore
– September: 1,85,429 documents, ₹3,998 crore
– October: 2,33,008 documents, ₹5,086 crore
– November: 85,791 documents, ₹1,758 crore

The consistent rise in revenue collection highlights the increasing demand for property transactions in the state, particularly in urban centers and peri-urban areas. With urbanization showing no signs of slowing down, the department remains optimistic about achieving its year-end target of ₹55,000 crores.