A total of 3,244 properties were registered in Mumbai alone on March 11, generating Rs 249.42 crore in stamp duty and registration fees, as per the Maharashtra department of registration and stamps.
At present there is a 6 per cent stamp duty fee and 1 per cent registration, besides other taxes such as the metro cess and local body tax. Women homebuyers have been given a 1 per cent waiver in stamp duty.
Property registrations were good especially in the high-priced luxury segment, because tax on capital gains will come into force from April onwards. In fact, February also saw the highest revenue collection in Mumbai during the same month in the past five years.
A major factor behind the high sales in big-ticket homes in Mumbai and other top cities is believed to be the central government’s recent move to limit capital gains tax deductions to Rs 10 crore. Experts expect that March will also see similarly high revenue collection.
