As many as 3,244 property registrations took place in Mumbai on March 11 alone, generating Rs 249.42 crore in stamp duty and registration fees. The Maharashtra Department of Registration and Stamps informed that 46,811 conveyance deeds were also recorded on the day and a revenue of Rs 877.79 crore was generated.
Currently, the stamp duty fee is 6 per cent and registration charge is 1 per cent, excluding other taxes like metro cess and local body tax. Women homebuyers get a rebate of 1 per cent in stamp duty.
Real estate experts say that property registrations will do well in the high-budget luxury section as the tax on capital gains will come into effect from April. February also saw the highest revenue collection in Mumbai.
One of the major reasons behind the rise in sales in high-budget homes in Mumbai and other cities is believed to be Union government’s recent move to limit capital gains tax deductions to Rs 10 crore.
MahaRERA, the real estate regulatory authority, is also raising awareness among the homebuyers on how to save their money from getting stuck in any stressed project. It advised the property buyers to purchase only RERA-registered properties after a detailed background check.
MahaRERA also issued a list of dos and don’ts for real estate developers to update all such information in the public domain.