Pune and Pimpri-Chinchwad Contribute Around Rs 3,000 Crores to Government Treasury in Current Fiscal Year
Pune, 24th August 2023: The cities of Pune and Pimpri-Chinchwad have emerged as significant contributors to the Maharashtra government’s coffers in the ongoing fiscal year (2023-24), amassing an impressive revenue of approximately three thousand crores.
This revelation surfaced during the recent evaluation conducted by the Registration and Stamp Duty Department, which scrutinized the revenue figures for the first five months of the fiscal year. The surge in property transactions within Pune and Pimpri-Chinchwad has underscored the region’s thriving real estate market.
The Department of Inspection, Registration, and Stamp Duty attributes this robust activity to a confluence of factors, including the anticipated development of an international airport, the expansive metro project, the initiation of two circular roads at Purandar, and ambitious ventures within the information technology and industrial sectors. From April 1, 2023, to the present, over a staggering one lakh six thousand property transactions have been officially registered in Pune and Pimpri-Chinchwad, generating an impressive revenue stream of three thousand crores.
Within the April to June timeframe of 2023, a total of 69,589 cases were recorded, amassing a revenue of 1,570.49 crores. Subsequently, in July, 25,229 cases were registered, yielding 873.26 crores. As of August 2023, more than 20,000 cases have been registered, translating to a revenue of approximately 550 crores.
In line with the state government’s ambitions, a revenue target of 8,500 crore rupees has been set for Pune and Pimpri-Chinchwad in the present fiscal year. Impressively, the Registration and Stamp Duty Department has already achieved nearly half of this target within the initial five months.
Following the implementation of the Goods and Services Tax, the Department of Registration and Stamp Duty has become the state’s second-largest revenue generator. Stamp duties, mandatory during the registration of diverse documents encompassing land transactions, property sales, contracts, award deeds, and digital tenancy agreements, have significantly contributed to this revenue influx. The intensifying urbanization within the state, especially in regions contiguous to city boundaries, has fostered a thriving real estate landscape, with Pune taking the lead.
The state is currently steering numerous ambitious projects, spanning road infrastructure, irrigation initiatives, airports, and metro networks. These undertakings necessitate substantial financial resources, much of which are derived from collected revenues. The allocation of funds for specific projects hinges on the accrued revenue data, underscoring the government’s unwavering attention to the revenue generated by the registration department.
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