The official added that the highest revenue came from the registration of conveyance deeds (54%), followed by mortgages, leave and license agreements, power of attorney, and gift deeds.
Maharashtra has recorded a rise of around 8% in registration of property-related transactions. Collections by the department of registration and stamps, which is the second-highest revenue grosser for the state government after state goods and services tax (SGST), has shown a healthy rise of over 17% this fiscal.
A senior official from the state revenue department said a total of 9.84 lakh documents had been registered between April and August 2018, compared to 9.08 lakh for the same period last year and 9.60 lakh in 2016-17. The revenue generation for this financial year stands at Rs 11,894 crore, compared to last year's collections of Rs 9,729 crore and Rs 8,347 crore for 2016-17.
The official added that the highest revenue came from the registration of conveyance deeds (54%), followed by mortgages, leave and license agreements, power of attorney, and gift deeds.
The department has achieved almost 50% of its annual target of Rs 24,000 crore. Last year, it collected Rs 26,500 crore, higher than the Rs 21,000 target and the revised estimate of Rs 23,000 crore. The collections for 2016-17 was Rs 21,026 crore, marginally lower than Rs 21,657 crore collected in 2015-16.
"The rise in collections has been achieved despite the state government deciding against increasing the ready reckoner (RR) rate. Last year, we changed the valuation guidelines. Areas adjoining the national and state highways were mapped with the help from the Maharashtra Remote Sensing Application Centre (MRSAC). These locations along with corner plots on roads and chowks were singled out for commanding higher commercial value," the official explained.
The Mumbai circle, which comprises Mumbai city and the suburbs, is expected to garner revenues of over Rs 10,000 crore. In 2017-18, the figure was Rs 10,500 crore, when the total number of documents registered stood at 21.49 lakh.
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