Property registration income dropped in Mumbai

Q: As per the state's stamp duty and property registration data, there is a continual decline in property registration.

Sankalp, Mumbai

12th August 2015

Real estate News in Mumbai

property

navi mumbai

liases foras

stamp duty and registration dept

decline in property registration

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (3)

Developers are expecting that government should bring in clear policies and also reduce their rising taxes.

Saran,

12th August 2015

Comment

Yes, Last year too was not good for the real estate sector. It seems to me that property market is going through correction phase. This difficult situation will continue all through 2015, perhaps even longer. There has been a effortless response to purchase of properties. Actual buying is too low.

Rubiya,

12th August 2015

Comment

Right Rubiya,
Maharashtra Govt. has generated Rs. 6000 crore to Rs. 8000 crore revenue in a year but the current data shows Rs. 4000 core and below. The property market is so down that big developers too are facing the issue. Some have already started cutting their additional expenditure to survive in the current mutable market.

Devesh Kumar, Ahmedabad

12th August 2015

Yes, i don't want to reveal their name but a big developer who had started a project in Wadala has not been able to sell a single flat. Market is really very tight. Due to drop in sale, builders are unable to generate sufficient funds to start their project.

Rajiv Bajaj, Pune

12th August 2015

It means there is a drop in government income. As per the Maharashtra Stamp Duty and Registration's latest data, in January 2015, 22294 properties, including lease and leave and license were registered which generated revenue of Rs 402 crore, while in February 2015, 18601 properties were registered, bringing in Rs.332 crore revenue. Simultaneously, March saw 22270 property registrations and Rs 431 crore income, and April 23982 properties and Rs.457 crore revenue. While in May, the numbers dropped to 21064 properties and Rs.342 crore income, while in June, 21660 properties were registered, generated Rs.334 crore income for the state.

Rajiv Bajaj, Pune

12th August 2015

Comment