The official noted that this rise in revenues had happened despite the state government freezing the ready reckoner (RR) rates.
Indicating a lull in the property market, the state has seen fewer property-related transactions being registered by the end of last year.
By December 31, 2018, the department of registration and stamps saw 14.28 lakh registrations compared to last year's figure of 15.79 lakh for the same period in the previous year, a fall of around 10 per cent. However, the revenues have been risen from the previous year's Rs 18,473 crore to Rs 20,381 crore now.
"This shows that while the number of registrations have declined, high-value property transactions are taking place," said a senior officer from the state revenue department. He attributed this fall in registration volumes to a general slump in the real-estate and property markets.
The official noted that this rise in revenues had happened despite the state government freezing the ready reckoner (RR) rates. The RR rates are used to calculate the value of immovable property like commercial or residential buildings or land and charge stamp duty on their transactions.
In 2017, the department had amended the valuation guidelines and mapped areas adjoining the national and state highways with help from the Maharashtra Remote Sensing Application Centre (MRSAC). These locations, along with corner plots on roads and chowks were demarcated as they were treated at a higher valuation due to their better commercial value.
The department of registration and stamps is the second-highest revenue grosser for the state government after state goods and services tax (SGST). The official added that the highest revenues for the department came from the registration of conveyance deeds (54 to 55%), followed by mortgages, leave and license agreements, power of attorney and gift deeds.
In 2017-18, the department of registration and stamps saw Rs 21.49 lakh documents being registered and revenue worth Rs 26,118 crore being generated.
This year, it has a target of Rs 25,000 crore, which is Rs 1,000 crore above the budgetary estimate of Rs 24,000 crore. The Mumbai circle, which covers Mumbai city and the suburbs, is expected to collect Rs 10,000 crore in revenues.
In 2016-17, the total number of documents registered with the department stood at 20.46 lakh, which was lower than the around 23 lakh were registered in 2015-16. The revenue collection for these years was Rs 21,026 crore and Rs 21,657 crore respectively.
LOWDOWN
- By December 31, 2018, the department of registration and stamps saw 14.28 lakh registrations compared to last year’s figure of 15.79 lakh for the same period in the previous year.
- Revenues have risen from the previous year’s Rs 18,473 crore to Rs 20,381 crore.
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