Maharashtra real estate bounces back with record property registrations

December saw a record number of property registrations — 3.84 lakh against the 1.25 lakh the previous year — in the state.
Image used for representational purpose only. (Photo | EPS)
Image used for representational purpose only. (Photo | EPS)

MUMBAI: While most businesses and industries are reeling under the slump wrought about by Covid-19, Maharashtra’s real estate sector has achieved a miracle of sorts. December saw a record number of property registrations — 3.84 lakh against the 1.25 lakh the previous year — in the state. The reason is the Maharashtra Revenue department reducing the stamp duty from 6% to 3% against the total value of the property for October to December.

That encouraged buyers while developers also declared some discount from their side as well. Some developers even paid the remaining stamp duty of the buyers to boost the slowing real estate sector.

According to the Maharashtra government’s stamp duty and registration department, in December, properties worth Rs 2,845 crore were registered for the month. In 2020, 14.32 lakh properties were registered while the total revenue generation was Rs 9,896 crore.

Revenue Minister Balasaheb Thorat said developers had made presentations about reducing stamp duty and registration to boost the property sector. “We were in two minds because if we went with developers, we would lose revenue.

But we also needed to inject confidence into the real estate sector and buyers. Eventually, our decision has paid off. The Centre has appreciated our decision and is asking other states to follow the Maharashtra model,” he said.

The best month
Data shows December was the best month for boith buyers and developers. I have never seen such enthusiasm, says the spokesperson of Maharashtra Chamber of Housing Industry (MCHI)-CREDAI

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