Property Regns, Revenue Hit 3-yr High In State; Income May Touch ₹50,000cr, ET RealEstate

March 29, 2024

PUNE: The number of property registrations, as well as revenue, across the state has already hit 3-year high, with three days more for the current financial year to end.

Maharashtra has recorded more than 27 lakh property registrations this financial year so far, resulting in a revenue of about Rs 48,000 crore. We expect to achieve the state govt’s revised revenue target of Rs 50,000 crore in the next three days of the current fiscal year ending March 31,” a senior official from the state property registration department said.

Confirming the development, state Inspector General of Registration and Stamps (IGR) Hiralal Sonawane said all property registration offices would be kept open over the next three days to enable property buyers to register ahead of the new financial year. “Citizens can also pay stamp duty now and register their properties in the next financial year [April onwards]. We are seeing a good footfall at all our registration offices,” he told TOI on Thursday.

In Pune city’s 27 sub-registrar offices, more than 2.85 lakh documents have been registered till March 27 this financial year as compared to 2.69 lakh registrations in the previous fiscal (2022-23).

“The revenue collection has touched Rs 8,817 crore as against Rs 8,128 crore in the financial year. There is a steady flow of people wishing to register their properties. So, we will all the offices open over the next three days,” joint district registrar, Pune city, Santosh Hingane said.

The state govt had set a revenue target of Rs 44,000 crore in property registrations for the current financial year. It was later revised to Rs 50,000 crore. The revised target of Rs 50,000 crore looks easy now, realtors said.

Keep RR rates unchanged: Developers to govt

Developers have appealed to govt to keep RR rates for the upcoming financial year to maintain the momentum in the real estate sector.

Ranjeet Naiknavare, president of Credai-Pune Metro, has already submitted a request to govt to not increase the RR rates as “it is bound to have an adverse impact on homebuying and the real estate sector”.

“Govt should consider keeping the RR rates unchanged. A rise of 5-8% in RR rates will increase the input costs and stamp duties, resulting in an average price hike of Rs 2 lakh to Rs 5 lakh. This will affect the current sentiment among homebuyers,” he said.

Citizens who are registering property documents said they were doing it ahead of the financial year as the govt was expected to announce the new RR rates soon. “We are not sure if it will increase or decrease or kept the same, but we do not want to take a chance and hence registering the document ahead of the new financial year,” said a resident from NIBM Road.

The latest data from property consultant Anarock showed that Pune and Mumbai metropolitan region were driving the housing sales. “Sentiments have been consistently high in these cities since the Covid-19 pandemic, with the major focus on Pune. The demand will benefit significantly from steady RR rates, which affect the price of acquisition,” Aditi Watve, city head – Pune, Anarock Group, said.

  • Published On Mar 29, 2024 at 09:31 AM IST

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