States Earn Rs 1.7 Lakh Crore From Stamp Duty, Registration Charges During 2021-22: Report

Share


The total revenue collection from stamp duty and registration charges from 27 states and one union territory (Jammu & Kashmir) in India was recorded at Rs 1.7 lakh crore for the financial year 2021-22. This has recorded a surge of 34 per cent from Rs 1.28 lakh crore in the previous financial year. The average monthly revenue collection in FY22 was Rs 14,262.5 crore as compared to Rs 10,646.2 crore in FY21, according to a report by Motilal Oswal Financial Services.

Maharashtra collected the highest stamp duty and registration charges at Rs 35,593.7 crore during 2021-22. The state contributed 21 per cent of the country’s overall stamp duty and registration charges revenue.

Uttar Pradesh was placed second with Rs 20,048.3 crore revenue from stamp duty and registration charges with a contribution of 12 per cent to the overall collection. The state witnessed an increment of 22 per cent in revenue from Rs 16,475.2 crore in FY21. Tamil Nadu comes third with Rs 14,331 crore with an 8 per cent contribution to the overall revenue accrued by the country. The state witnessed a 23 per cent increase in revenue in FY22 from Rs 11,675.1 crore in FY21.

Karnataka and Telangana stood 4th and 5th on the stamp duty and registration charges table with revenue of Rs 14,019.7 crore and Rs 12,372.7 crore, respectively.

Nikhil Gupta, chief economist, Motilal Oswal Financial Services, said, “There is no doubt that the residential real estate sector witnessed a remarkable revival in FY22. Still, it is important to note that the average growth in the last two years was 15 per cent. Considering the facts that interest rates have bottomed out, fiscal incentives have expired, inflation is high and the economic uncertainty is also steep, FY22 performance in the residential property market is unlikely to be repeated next year.”

In terms of growth in percentage terms, Telangana witnessed highest percentage increment of 136 per cent year-on-year, followed by J&K with 88 per cent, Sikkim with 78 per cent, Nagaland with 51 per cent, Haryana with 47 per cent and Gujarat with 41 per cent.

Seven states namely, Telangana, J&K, Sikkim, Nagaland, Haryana, Gujarat and Maharashtra have recorded more than 40% increment in their revenue collection from stamp duty and registration charges.

Recently, in the real estate, a report by real estate consultant Knight Frank India said Mumbai witnessed a jump of 78 per cent in property sale registrations during May to 9,523 units, which is the best in a decade. It contributed over Rs 709 crore to the state revenues. Half of the registrations were in the price range of Rs 1 crore and above, while the apartment size ranged between 500-1,000 square feet was the most preferred among buyers.

“A total of 54 per cent registrations were in the price band of Rs 1 crore and over; while in terms of apartment size, homes ranging between 500-1,000 sq ft were the most preferred category of property registered in May 2022,” Knight Frank India said.

Read all the Latest News , Breaking News , watch Top Videos and Live TV here.



Source link

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.