Registration revenue in Mumbai touch Rs 179 Cr mark highest in 3 months
Registration in Mumbai touches Rs 179 crore mark in June, the highest in three months. During lockdown the figure had dwindled to Rs 43,547 the lowest in recent history.
By Varun Singh
Registration revenue is one of the biggest source for the state government’s treasury. However, during the lockdown, the numbers had dwindled drastically.
Finally it’s coming on track with figures showing a steady increase. In the 30 days of June, Mumbai saw 13,652 documents being registered.
The registration of these documents gave the state government Rs 179 crore, which is the highest since April.
The lowest revenue that was collected by the registration department was Rs 43,547 crore in April. In this month only 27 documents were registered.
The figure then went up in May, where a total of 1404 documents were registered. The revenue collected via registration in Mumbai in May stood at Rs 18.12 crore.
However, June has helped the state government’s treasury inflate. Of the total Rs 179 crore, Rs 153.20 crore is by registration of Conveyance (sales) documents. 1839 sale documents were registered in June.
The highest number of registration was that of Leave and License (e-registration) documents. Which stood at 7831 documents were registered in June. It generated a revenue of Rs 1.10 crore.
In the month of March, the revenue generated in Mumbai was Rs 377 crore. While for February it stood close to Rs 470 crore.
Meanwhile, the growing revenue is a good indicator for realty sector. This goes to show that deals are taking place.
According to a broker, many consumers have come in the market, looking for homes. Even rental market is doing decent.
“Rentals are now negotiable, even big deals are happening where the seller is negotiating the price. The revenue figure will grow as days pass,” he said.
Lockdown due to COVID 19 Pandemic has impacted the real estate sector severely, because of which even revenue had gone down.
However, with relaxations in several places, the revenue figures from registrations are coming back on track.
Also Read: Deals taking place below RR rates in Mumbai