A total of 3,244 properties were registered in Mumbai alone till 8.30pm on March 11, generating Rs 249.42 crore in stamp duty and registration fees, as per the Maharashtra department of registration and stamps.
In the entire state, a total of 46,811 conveyance deeds were recorded in the period and revenue earned through them amounted to Rs 877.79 crore. At present there is a 6 per cent stamp duty fee and 1 per cent registration, besides other taxes such as the metro cess and local body tax. Women homebuyers have been given a 1 per cent waiver in stamp duty.
Real estate experts believe property registrations will be good especially in the high-priced luxury segment, because tax on capital gains will come into force from April onwards. In fact, February also saw the highest revenue collection in Mumbai during the same month in the past five years. A major factor behind the high sales in big-ticket homes in Mumbai and other top cities is believed to be the central government’s recent move to limit capital gains tax deductions to Rs 10 crore. Experts expect that March will also see similarly high revenue collection.
To instil confidence among homebuyers, the real estate regulatory authority called MahaRERA is raising awareness to help them prevent their hard earned money from getting stuck in any stressed project. It has urged them to buy properties only in RERA-registered projects and after a background check.
The regulator has also issued several dos and don’ts for developers to make all information available in the public domain. A circular has informed all developers that they cannot use common bank accounts having 70 per cent of homebuyers’ money in it for multiple projects.
Source: Indian Express
