State government has received a gift of ₹100 crore from Mumbai’s real estate. This collection was done only in three days of November by state government.
By Varun Singh
The state government of Maharashtra has collected ₹101 crore in just three days of November.
This collection is from Mumbai’s real estate sector and has been collected by one of the department of state government.
The actual collection as of late Wednesday night stood at ₹102.13 crore from Mumbai’s real estate.
You would be surprised how the state government collected ₹102 crore from Mumbai’s real estate and how do we know it.
So the government department that collected ₹101 crore from Mumbai’s real estate is the Department of Registration and Stamps.
The collection is from the sale of homes and their registration.
So in the first three days of November, around 1438 home sales were registered.
The amount collected is via the stamp duty which in Mumbai is 5%.
The state government collects a stamp duty from homebuyers who purchase a home.
This stamp duty along with a registration fees is paid to the state government during registration with the sub registrar’s office.
Mumbai’s real estate industry has been seeing a huge jump in the last few days.
For example more than 8,500 home sales were registered in the city of Mumbai.
Oberoi realty in four days achieved gross sales worth ₹787 crore.
The realty industry in Mumbai and the state is a big contributor towards the state’s treasury.
Stamp duty collection in the month of March 2021 alone was equivalent to the state’s yearly collection.
The state government between September 2020 to December 2020 has announced a stamp duty cut of 3%. Whereas, the discount was 2% between January 2021 to March 2021.
Since, then the realty industry has been demanding a stamp duty discount.
Real estate experts claim that if the government does give a further discount on stamp duty the home sales will see a further rise.
Also Read: Madhuri Dixit’s per month Rent is many’s Dream Yearly Salary
