Maharashtra registration department achieved 105% revenue target last fiscal year

Pune: The department of registration and stamps has surpassed its revenue target for the 2024-25 financial year, achieving 104.85% of the goal set by the revenue department.
Officials told TOI on Tuesday that the department had collected Rs57,669.88 crore by March 31 against the target of Rs55,000 crore, cementing its position as a key contributor to the state exchequer. The department has announced an average increase of 3.89% in ready reckoner (RR) rates across Maharashtra.
"We kept our offices open on the last three days of the fiscal year and saw excellent response across all locations. This significantly helped increase document registrations and revenue collection, especially in metro cities like Pune, Mumbai and Thane," an official said.
March emerged as the standout month, recording the highest figures for the entire financial year with 3.17 lakh documents registered, fetching Rs7,843.85 crore in revenue. In comparison, other months averaged around two lakh documents each with revenue ranging between Rs3,000 crore and Rs5,000 crore.
Officials attributed the March surge to homebuyers rushing to register properties before the anticipated increase in RR rates. "Extended operating hours in the final three days particularly helped citizens complete their registrations," another official said.
Homebuyers Karthik S and Meera, who registered their property on Gudi Padwa, confirmed this strategy. "The RR rates were due for revision after three years and expected to increase substantially. So, we made the wise decision to register before the new rates came into effect," Meera said.
Developers, however, expressed concern about future registration trends.
"Despite our excellent registration and revenue performance, govt still increased the RR rates to fund election-period sops. We had specifically requested against this rise. Registrations will likely decline in April," a senior member of a developers' association said.
The registration department had initially planned to publish the proposed RR rates on a public platform for feedback, but postponed this due to time constraints during the legislative session. A senior official said the pre-publishing RR rates would require amendments to existing acts and rules.
Pune: The department of registration and stamps has surpassed its revenue target for the 2024-25 financial year, achieving 104.85% of the goal set by the revenue department.
Officials told TOI on Tuesday that the department had collected Rs57,669.88 crore by March 31 against the target of Rs55,000 crore, cementing its position as a key contributor to the state exchequer. The department has announced an average increase of 3.89% in ready reckoner (RR) rates across Maharashtra.
"We kept our offices open on the last three days of the fiscal year and saw excellent response across all locations. This significantly helped increase document registrations and revenue collection, especially in metro cities like Pune, Mumbai and Thane," an official said.
March emerged as the standout month, recording the highest figures for the entire financial year with 3.17 lakh documents registered, fetching Rs7,843.85 crore in revenue. In comparison, other months averaged around two lakh documents each with revenue ranging between Rs3,000 crore and Rs5,000 crore.
Officials attributed the March surge to homebuyers rushing to register properties before the anticipated increase in RR rates. "Extended operating hours in the final three days particularly helped citizens complete their registrations," another official said.
Homebuyers Karthik S and Meera, who registered their property on Gudi Padwa, confirmed this strategy. "The RR rates were due for revision after three years and expected to increase substantially. So, we made the wise decision to register before the new rates came into effect," Meera said.
Developers, however, expressed concern about future registration trends.
"Despite our excellent registration and revenue performance, govt still increased the RR rates to fund election-period sops. We had specifically requested against this rise. Registrations will likely decline in April," a senior member of a developers' association said.
The registration department had initially planned to publish the proposed RR rates on a public platform for feedback, but postponed this due to time constraints during the legislative session. A senior official said the pre-publishing RR rates would require amendments to existing acts and rules.