Mumbai Records More Than 5,000 Property Registrations in May 2022
Mumbai alone has recorded over 5,000 property registrations from May 1-19, fetching a revenue of Rs 448.40 crore from stamp duty fees, according to the data available with the IGR Maharashtra (Department of Registration and Stamps). Currently, five per cent is charged as stamp duty fees and one per cent is charged on the purchase of property. In addition, the government introduced one per cent metro cess from April 1. Experts believe that during the next 10 days, the total registrations will be equivalent to those recorded during pre-Covid times, which was an average 6,000 in May alone. In 2018, the total May month's registrations were 6,672, in 2019 they were 6,270, in 2020, 207 and 5,360 in 2021 for the month. In fact, along with the increase in revenue of the state exchequer, real estate developers are also witnessing vertical growth, leading to increased profits. Meanwhile, the Maharashtra Department of Registration and Stamps has introduced e-registration software only for the newly-purchased properties. However, at present this facility is only available to developers having big projects. The process was made online with an aim to reduce the footfall in offices, especially during the pandemic when it has become necessary to maintain social distancing.
Tags : Mumbai Property Registrations 2022 the Maharashtra Department of Registration and Stamps IGR Maharashtra (Department of Registration and Stamps)