Mumbai records more than 5,000 property registrations this month

Mumbai records more than 5,000 property registrations this month

Currently, five percent is charged as stamp duty fees following purchase of property

Sweety AdimulamUpdated: Friday, May 20, 2022, 10:01 AM IST
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Photo credit: IANS

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 Maharashtra, 79,341 properties have been registered, which led to revenue generation of Rs 1348.88 crore through stamp duty fees to the state exchequer.


In fact, along with the increase in revenue of the state exchequer, real estate developers are also witnessing vertical growth, leading to increased profits. Tata Realty and Infrastructure Limited, India's largest institutional realty player and a 100 per cent subsidiary of Tata Sons Pvt. Ltd reported a vertical growth of over 30 per cent year-on-year (Y-o-Y), over last year’s 120 per cent sales target achievement.


Similarly, it has sold a total of 1,688 units of residential units across various segments and cities. Speaking on the annual performance, MD and CEO of Tata Realty and Infrastructure Sanjay Dutt said, “Our projects, propelled by the new normal and the demand for large spaces, have not only carved out a niche for itself but have also enabled rapid vertical growth. We look forward to setting new standards with our innovative projects that are designed with the end-user in mind.”

Similarly, the real estate developer Arkade Group on Thursday announced that it has launched two new housing projects in the suburban areas of Mumbai. The company has undertaken a total construction area of 7,81,753 square feet in these two projects, with the total plot size at 11,677 square metres, while the collective carpet area for sale stands at 2,65,524 square feet.


With upward trend in real estate sector, Arkade group is expecting a topline of Rs 820 crore from these two projects. chairman and managing director, Arkade Group, Amit Jain said, “We are happy to launch the two new redevelopment projects in the suburban areas of Mumbai, as demand for homes continues to remain upbeat.”

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.

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