In addition to its borrowings and interest servicing costs, Maharashtra has also committed itself to spending for relief measures like drought, crop loss, grain at affordable prices to farmers in 14 districts and compensation to municipal bodies for scrapping local body tax (LBT).
In what portends well for the Maharashtra government, which is already reeling under a huge debt and interest servicing burden, the department of registration and stamps — which is one of the highest contributors to the state's kitty — has seen a rise in its collections as compared to the same period last year.
In addition to its borrowings and interest servicing costs, Maharashtra has also committed itself to spending for relief measures like drought, crop loss, grain at affordable prices to farmers in 14 districts and compensation to municipal bodies for scrapping local body tax (LBT).
As on December 31, 2015, the department of registration and stamps has collected Rs15,811 crore as against the Rs23,000 crore target till the end of the current 2015-16 financial year. Of this, Mumbai city and suburbs account for Rs5,933 crore, followed by Thane Rs3,732 crore and Pune Rs3,719 crore, said an official from the department.
By December 2014 end, the department had collected just Rs14,985 crore, with the collections for Mumbai at 5,514 crore, Pune at Rs 3,528 crore and Thane collecting Rs 3,487 crore.
The number of documents registered has also increased from 16,88,608 by December 2015 to a marginally higher 16,95,759 for the same period in the present fiscal. This buoyancy in revenue and increase in transactions on property like registration of leave and license, sale and purchase and mortgage also signify that the real-estate market is still healthy, said officials from the department.
The department is the second-largest contributor to the state government's coffers after the department of sales tax.
"The revenue collections are up and we are on track to meet the targets," Dr Ramaswami N, Inspector General of Registration and Controller of Stamps, told dna. He added that the state's decision to do away with stamp duty on gifting property to an heir or family member had also led to a revenue loss of Rs 171 crore, despite which the collections had risen.
"Contracts for works like road construction are signed in March and the stamp duty on these contracts... plus the consolidated stamp duty on bonds and insurance is also expected to be paid by March," a senior official from the department said.
The state's decision to revise the ready reckoner rates to April 1 from the previous practice of applying them from January 1 will also lead to increased registration of transactions on property in March, he added. Ready reckoner rates are used to calculate the value of immovable property like commercial or residential buildings or land and charge stamp duty on them.
In 2014-15, the department of registration and stamps had a Rs19,426 crore target, but actual collections were marginally higher at Rs19,969 crore. In 2013-14, the department saw Rs18,675.98 crore being collected compared to about Rs17,400 crore in 2012-13. However, for the past three financial years, the total number of documents registered were static at around 23 lakh.
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