Mumbai: With cut stamp duty, property registration in Mumbai saw a 270% increase since last September compared to the previous months.
About 1.13 Lakh property registration was recorded in Mumbai which was larger between September 2020 and July 2021, when the country slashed stamp duty to improve the real estate market during pandemic locking.
This is in contrast to total registration between September 2019 and July 2020, when almost 42,500 properties (with 5% stamp duty) are registered, according to data collected from the registration and stamps department.
High registration since last September was mainly due to reducing stamp duty from 5% to 2% between September and December 2020.
From January 2021 to March 31, 2021, stamp duty fixed at 3%.
However, the flat buyer signed their contract when the stamp duty was 3% could register their documents until 30 July.
Mitesh Raikundalia, Director, Intime Mumbai Service, a property registration company, said there was an increase in registration of 270%.
in Mumbai after reducing stamp duty.
“More than 90% of registration is the sale of apartments,” he said.
Reduction of stamp duty also causes a collection of humungosa for the country.
During the 11-month period from September 2020 to July 2021, the department collected Rs 4,163 Crore in Mumbai.