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Maharashtra ups revenue target of registration and stamps department

Hard-pressed to meet its rising expenses due to the implementation of schemes like farm loan waivers and infrastructure projects, the cash-strapped state government is hiking the revenue collection target for the department of registration and stamps by 10 per cent, to about Rs 23,500 crore from Rs 21,000 crore.Stamp duty and registration charges on property transactions are the second-highest revenue source for the state government after state goods and services tax (SGST).”As on mid-December 2017, the collections through stamp duty and registration fees stand at Rs 16,668 crore, which is almost 80 per cent of the Rs 21,000 crore target. The highest percentage of revenue has come from conveyance deeds (54.8 per cent), followed by mortgages (12.3 per cent), leave and license agreements (10.3 per cent), power of attorney (4.7 per cent) and gift deeds (4.1 per cent). A total of 14,59,552 documents have been registered up to December 11,” the official said.The Mumbai region has also achieved over 70 per cent (Rs 6,487 crore) of its Rs 9,250 crore target.”Though we hope to achieve the revised target, real estate transactions have slumped in markets like Mumbai. However, since the new ready reckoner (RR) rates will come into force from April 1, 2018, we feel property registrations may surge in March on expectations of a rate hike,” the official noted.Officials said SRA and redevelopment projects in Mumbai were held up in areas like the Kurla taluka after the court’s ban on new constructions in Mumbai due to the failure in solving the problem of the city’s dumping grounds. This led to lower revenues being hit due to lower registrations of conveyance deeds of development projects.HELPS THE POCKETStamp duty and registration charges on property transactions are second-highest revenue source for the state government after state goods and services tax. Mumbai region has also achieved over 70 per cent (Rs 6,487 crore) of its Rs 9,250 crore target.

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