Only one registration is what Mumbai witnessed in the first 10 days of May. Revenue collected stands at Rs 424, one of the lowest in recent history.
By Varun Singh
Mumbai generates the highest revenue for the stamp duty and registration department. However, for the last few days, the situation is grim.
The lockdown due to the coronavirus pandemic in the city has impacted the registration figures too.
Only one registration took place in the last 10 days in the entire city of Mumbai.
The only registration was a leave and license e-registration. Further surprising is the revenue collected from this registration.
Only Rs 424 was the revenue collected from the single e-registration that took place in Mumbai.
There has been a continuous slide in the number of documents being registered with the stamp duty and registration office.
In April only a total of 27 documents were registered with the stamp duty and registration offices in Mumbai.
This was a huge fall from 25,170 documents that were registered in the month of March.
While from all the 27 documents registered in April the revenue collected was only Rs 43,547.
This was a huge slide from the revenue collected in March, which stood at Rs 377 core. In contrast, February revenue collected stood close to Rs 470 crore.
Post Covid19, and the following lockdown since March last week in the country, registration figures have dwindled.
Adv Vinod Sampat says that, this amount (Only Rs 424 collected in May) is one of the lowest.
He further cautions why people should register their leave and license agreements even if the rents are low.
He said,”Normally people register documents because it is a statutory obligation. However many properties in slums are not registered. Same is the case with properties where rent yield is low as people try to save money at the expense of compromising as regards getting back the property and on the basis of submissions made by broker. This puts the licencee in dominating position.when litigation arises.”
Also Read: Revenue from registration in Mumbai falls to 0.001% in April from March
