Monday, 18 October 2021

500 crore collection of Stamp Duty in Mumbai for July 2021

500 crore collection of Stamp Duty in Mumbai for July 2021

Registrations reach over 9,000 housing units compared to 7,851 units in June 2021, an increase of 15 percent and collection of Stamp Duty The number had risen by almost 20 percent compared to July 2019 when 7,534 units were registered.

Mumbai's registration office collection of over 20 percent more revenue from stamp duty collections in July compared to June 2021 as the window of four months for paying stamp duty to register till closing on July 31, 2021, data has said by the Department of Registrations and Stamps (IGR)

Said by a Propstack analysis

The collection over Rs 500 crore from stamp duty paid on properties registered in July 2021 compared to Rs 420 crore in June 2021. There is also a rise by 17 percent compared to collections of Rs 452 crore in July 2019,

In December 2020, the government of Maharashtra had given the buyer a space of four months to register the property after the payment of stamp duty to prevent crowding of registration offices.

Such to make sure that buyers who purchased a house and pay stamp duty before March 31, 2021, getting an entire window of four months till July 31, these years, from the date of the amount of stamp duty for registering the houses.

In the last month of stamp duty waiver announced by the Maharashtra government, the state treasurer financial collected Rs 875 crore and Rs 514 crore in April 2021. Collections were collection May (Rs 268 crore).

Although the Maharashtra government decided not to extend the stamp duty waiver on property registrations in March this year, the collections in June 2021 set at 420 crore, which was 93 percent levels of June 2019 when 450 crores were collecting by the state treasurer financial, an analysis by Propstack has indicated.

The data indicates that buyers are gradually running back in the market as vaccination drive speeded up and the second wave decreased.

In May 2021, Rs 268 cr of stamp duty was received due to the second wave's onset. The analysis said this was almost half of the collections in May 2019 (Rs 534 crore).

In April 2021, the stamp duty collection was 12 percent higher than in April 2019. The entire group stood at Rs 514 crore in 2021 compared to Rs 460 crore in 2019. The 2020 numbers are not considering as there was a complete lockdown.

500 crore collection of Stamp Duty in Mumbai for July 2021 1getty image

Read More: Door to Door Vaccination to start from today in Mumbai

More than 9,000 units registered in July 2021 compared to last month, June 2021, when 7,851 units were registered. There was almost 15 percent growth in June.

In May 2021 saw as many as 5,360 registrations, April saw 10,136 properties written, and March, when stamp duty waiver of 3% ended, saw as many 17,728 units registered.

The Propstack analysis said.

In, July 2021 the number of units registered was up by almost 20 percent compared to numbers record in last year July 2019 7,534 units,

These registrations include the property transactions in Mumbai for which payment of stamp duty before March 2021, when the stamp duty cut ended.

The duration of lockdown in Mumbai was like last year's lockdown; the registration pick-up after the ease of restrictions was sharper this time around compared to the previous year.

Properties in Mumbai sold of Rs 10,600 crore in July 2021, a 41 percent hike in the worth of properties sold in last year July 2019 (7,542 units), the Propstack analysis said.

Rs 8,404 crore houses sold in June 2021, and in May 2021, houses Rs 5,360 crore houses sold in May. March 2021 had noticed registration worth Rs 29,166 crores.

While registered, in July 2021, it is necessary to note that 53 percent of registrations or 4,824 units 2 were new sales which are around 84 percent the average of July 2019, implying that we are yet to cross-sales pre-COVID levels, the Knight Frank analysis said.

On March 8, 2021, on the Occasion of International Women's Day, the Maharashtra government declared a 1 percent discount in stamp duty for women buyers effective from April 1, 2021. As a result, women homebuyers compromise 6.6 percent of new home sales in April 2021, paying a slashed stamp duty rate of 4 percent over their purchases.

In May 2021, the shared percent of women homebuyers May 2021 dropped to 1.7 percent. In June, the percentage of women homebuyers registered was increasing to 4.7 percent; however, gone down in July 2021 to 3 percent. The discount offered to women homebuyers must be raised further as the number of registered apartments in the name of women has not increased to a significant proportion, Knight Frank India said in its analysis.

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