Pune: Property Buying And Selling Transactions Booming, 17000 Crores Revenue In Six Months
Pune, 4th October 2022: In the last six months, 13,15,144 deeds have been registered with the state registration and stamp duty department. A revenue of Rs 17,419 crores was accumulated in the treasury of the Maharashtra State Government from this registration.
In this financial year, the government has set a target of Rs 32,000 crore for the registration and stamp department. In the first half of the year, 54% of the target revenue has been achieved, and property sales are booming.
After Goods and Services Tax (GST), the Department of Registration and Stamp Duty is the second largest revenue earner for the state. Stamp duty has to be paid while registering various documents such as the purchase and sale of land, flats, shops, contracts between two persons or organizations, award deeds, and online tenancy agreements. The registration department has got this revenue from stamp duty. Urbanization is taking place on a large scale in the state. There is a lot of buying and selling of flats in the villages near the city limits. Also, large-scale urbanization is taking place in Pune, Mumbai, Thane, Nagpur and Nashik. Due to this, the government is getting a large amount of revenue from registration.
Due to Corona, the construction business was in trouble. As a result, property buying and selling transactions were slow. Against this backdrop, the then Maha Vikas Aghadi government had given concessions in stamp duty. Also, for the financial year 2021-22, if a flat is taken in the name of a woman, a discount of one percent in stamp duty has been offered. Both these decisions had positive results. However, these concessions have been discontinued from the current financial years. However, it was reported by the Registration and Stamp Duty Department that there is an increase in property purchase and sale transactions.
Many ambitious projects are underway in the state. It includes various development works along with roads, irrigation projects, airports, metro, and others. The government needs a large number of funds for these works. This revenue collected by the government is spent on various development works. Therefore, the government pays attention to the revenue collected by the registration department.
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