Mumbai: Over 2,000 house registrations were registered in the first 12 days of January, according to data available from the Maharashtra Government Registration and Stamps Department, generating revenue of Rs 121.49 crore from the duty stamp.
Shravan Hardikar, Inspector General of Revenue (IGR), whose office is in Pune, attributes the driving factor to the growing demand for housing, especially among low, middle and high income groups. “With Covid there is a growing demand for safer homes and this is reflected in the increase in registration data,” he said.
Additionally, he said, with improved network availability in all of their registries, the problems faced by home buyers and developers in the home registration process have diminished.
“We have introduced e-registration to speed up the registration process, but this is not the driver for increasing registrations at the moment. We are improving this system. Also, this e-registration platform does not is currently not available to all builders/developers,” he explained.
From March 2020 to date, 3,000 registrations have been made through the online registration platform. Currently, only large developers, with more than 50 buildings in their project, can take advantage of the facility and currently 150 projects are registered online. Besides, MHADA, CIDCO, SRA and other housing agencies are also on this electronic registration system.
Across Maharashtra, over 44,000 houses have been registered and Rs 533.93 crore collected in stamp duty.
Currently, the Maharashtra government charges a stamp duty of 5%, with a 1% discount on this rate for women buyers.
In December 2021, the highest record of documents – 3,31,460 – was registered across the state, mopping up Rs 3,790.05 crore in revenue.
The real estate sector places high hopes on the part of the government in the next Union budget. According to Manju Yagnik, Vice President of Nahar Group and Senior Vice President of NAREDCO, “With a contribution of over 7% to India’s GDP, the real estate sector is one of the most important pillars of the economy. . During the pandemic, the residential sector has seen tremendous growth in terms of actual home buying as an asset class.
“The lowest mortgage rates, as well as the reduction of stamp duties have led to phenomenal momentum. Continued government support given the onset of the pandemic has ensured good sales volumes in the residential space and we expect continued support in the next budget along with a full recovery of the sector. We expect this waiver on the GST front, both for properties under construction and for raw materials, viz. steel and cement prices strengthened. Apart from this, strengthening existing financing systems for affordable and rental housing to provide liquidity to real estate projects that need urgent support will benefit. The real estate sector could also experience more stability with a low-cost credit ecosystem, thanks to the categorization of loans to the priority sector of real estate loans,” she said.
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Posted: Wednesday, January 12, 2022, 10:57 PM IST