Bombay: Over 2,000 house registrations were registered in the first 12 days of January, according to data available from the Maharashtra Government Registration and Stamps Department, generating Rs 121.49 crore in revenue from the duty stamp.
Shravan Hardikar, Inspector General of Revenue (IGR), whose office is in Pune, blames the growing demand for housing, especially among low, middle and high income groups as the driving factor. “With Covid, there is an increasing demand for safer homes and this is reflected in the increase in registration data,” he said.
In addition, he said, with the improvement in network availability at all of their registrars, the problems faced by buyers and developers in the process of registering homes have diminished.
“We introduced electronic check-in to speed up the check-in process, but that’s not the driving force behind the increase in check-ins at the moment. We are improving this system. In addition, this electronic registration platform is currently not available to all manufacturers / developers, ”he explained.
From March 2020 to date, 3,000 registrations have been made via the online registration platform. Currently, only large developers, with more than 50 buildings in their project, can benefit from the installation and currently, 150 projects are registered online. In addition, MHADA, CIDCO, SRA and other housing agencies are also on this electronic registration system.
Across Maharashtra, more than 44,000 homes were registered and Rs 533.93 crore collected in stamp duty.
Currently, the government of Maharashtra imposes a 5 percent stamp duty, with a 1 percent discount on this rate for women home buyers.
As of December 2021, the highest document record – 3,31,460 – was recorded statewide, wiping out Rs 3,790.05 crore.
The real estate sector has high hopes from the government in the next EU budget. According to Manju Yagnik, Vice President of Nahar Group and Senior Vice President of NAREDCO, “With a contribution of over 7% to India’s GDP, the real estate sector is one of the most important pillars of the economy. . During the pandemic, the residential sector has seen tremendous growth in terms of actual home buying as an asset class.
“The lowest mortgage rates, along with the reduction in stamp duties, have created tremendous momentum. The government’s continued support given the onset of the pandemic has ensured good sales volumes in the residential sector and we anticipate continued support in the next budget as well as a full recovery of the sector. We expect this exemption on the GST front, both for properties under construction and for raw materials, viz. steel and cement prices strengthened. Apart from this, it will be beneficial to strengthen existing financing systems for affordable and rental housing to provide liquidity to real estate projects that need urgent support. The real estate sector could also experience greater stability with a low cost credit ecosystem, through the categorization of priority sector loans as real estate loans, ”she said.
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Posted on: Wednesday January 12th, 2022 10:57 PM IST