Pune: The state’s Registration and Stamp Duty Department has collected ₹33,000 crores in revenue through 16.66 lakh document registrations between April and November of the ongoing financial year.
The state government had set a revenue target of ₹55,000 crores for the department, and 60% of this target has been achieved in the first eight months.
The Registration and Stamp Duty Department ranks second in revenue generation for the state. Revenue is primarily derived from stamp duty collected during the registration of various documents, including land, apartments, and shop transactions, as well as agreements, gift deeds, and rental contracts.
Urbanization is a major factor in this growth, particularly in cities like Pune, Mumbai, Thane, Nagpur, and Nashik, where large-scale property transactions are commonplace. Surrounding suburban areas have also witnessed a rise in land and property sales, further boosting revenue.
The state government did not increase Ready Reckoner rates this year, which helped maintain transaction volumes. Increased document registrations in urban and semi-urban areas have significantly contributed to the rise in revenue.
The collected revenue is a vital source for funding various development projects, including infrastructure initiatives like roads, metro projects, and irrigation schemes. The government’s planning for development expenditure heavily depends on this revenue stream.
In April, 2,24,318 documents were registered, generating a revenue of ₹3,767 crores.
May saw an increase with 2,52,331 documents registered, bringing in ₹4,335 crores.
For June, 2,05,907 documents were registered, contributing ₹4,400 crores.
In July, the figures rose again with 2,44,211 documents, yielding ₹4,700 crores in revenue.
August recorded 2,35,467 documents, collecting a higher revenue of ₹5,031 crores.
September saw a dip, with 1,85,429 documents, resulting in ₹3,998 crores.
October had 2,33,008 documents registered, amassing a revenue of ₹5,086 crores.
Up to November 20, 85,791 documents were registered, generating ₹1,758 crores in revenue.