So far till May 19 over 5,000 property registrations have been recorded from Mumbai alone. This has to revenue generation of Rs 448.40 crore from stamp duty fees according to the data available with the IGR Maharashtra (Department of Registration & Stamps).
Currently, five percent is charged as stamp duty fees following purchase of property. In addition to that, one percent metro cess has been introduced starting April 1st.
While as per the past property registration in pre and post covid times experts believe in next 10 days the total registration will be equivalent to the registration that have been recorded in pre-covid times that was on an average 6,000. In 2018, total registration recorded was 6,672, in 2019 it was 6,270, in 2020 it was 207, in 2021 was 5360.
In Maharashtra total 79,341 properties have been registered, which led to revenue generation of Rs 1348.88 crore through stamp duty fees in state's Exchequer.
In fact, along with increase in earnings of state exchequer real estate developers also witnessing vertical growth and sales leading to increased profits. Tata Realty and Infrastructure Limited, India's largest institutional realty player and a 100% subsidiary of Tata Sons Pvt. Ltd reported a vertical growth of over 30% Y-o-Y, over last year’s 120% sales target achievement. It has sold a total of 1,688 units of residential assets across various segments and cities. Expressing his views on annual performance, Sanjay Dutt, MD & CEO, Tata Realty and Infrastructure said, “Tata Realty is committed to providing unrivaled living experiences that has resulted in consistent demand and trust by homebuyers across India. Our projects, propelled by the new normal and the demand for large spaces, have not only carved out a distinct niche for themselves but have also enabled to achieve rapid vertical growth. We are now aggressively expanding our footprint across the country, and, we look forward to setting new standards with our innovative projects that are designed with the end-user in mind."
Similarly, Real estate developer Arkade Group today 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.
Arkade Crown, the first project with the plot size at 5,777 square metres, has been launched in Borivali (West). While the total construction area of this project is 4,01,075 square feet, the carpet area for sale is 1,09,733 square feet and the project will include total units for sale of this project is 123,
Similarly, the Arkade group recently launched two new projects. With upward trend in real estate sector this group is expecting a topline of Rs 820 crore from these two projects only. Amit Jain, Chairman and Managing Director, Arkade Group, 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 & Stamps has introduced e-registration software only for the newly purchased property buyers. However, at present this facility is only available to developers having big projects. The registration process was made online so that the developer and homebuyer can do the process from their side completely online similarly the registrar's office can do the same. It was aimed to reduce the footfall in offices especially during the time of pandemic when it has become necessary to maintain social distancing.
Published on: Thursday, May 19, 2022, 10:57 PM IST