Stamp Duty: Impact of boom in real estate sector, huge income from stamp duty of states, Know the details here....
Stamp Duty Revenue In India 2022: Good news related to the property sector is coming out across the country. There has been a huge jump in the sale of residential properties in the country. The effect of this has reached Rs 948.47 billion in the first half of the current financial year, registering a 35 per cent increase in revenue collection in the form of stamp and registration fees. In April-September of the year 2021-22, 27 states of the country and one union territory of Jammu and Kashmir earned Rs 701.20 billion as stamp and registration fees.
Maharashtra first and UP second
According to the report of Motilal Oswal Financial Services, in the first half of 2022-23, Maharashtra earned the highest amount of Rs 186 billion in the form of stamp and registration fees. This figure has been 65 per cent more than Rs 113 billion in the same period of the previous financial year. In this case, Uttar Pradesh has reached second place with Rs 123.94 billion. It has been 33 per cent more with Rs 93 billion in the same period of 2021-22.
This is the main reason
The biggest reason behind the increase in property stamp and registration fees is the 5 per cent increase in house prices. Let us tell you that 11 states of the country have earned more than 40 percent in the form of stamp and registration fees. In the first 9 months of this year i.e. January-September, the prices of houses have increased by about 5 percent in 8 major cities. The increase in input costs and the strong demand for houses has led to an increase in prices.
How much increase?
Property prices have increased in some states. For example, in Delhi-NCR, prices have increased by 5 percent to Rs 4,700-4,900 per square foot. The same has increased by 5 per cent in Ahmedabad to Rs 3,600-3,800, in Bangalore by 6 per cent to Rs 5,900-6,100 and in Chennai by 2 per cent to Rs 5,500-5,700 per sq ft. Property prices have increased by 4 per cent in Hyderabad, 3 per cent in Kolkata, 3 per cent and 7 per cent in Maharashtra's top 2 markets Mumbai and Pune respectively.
104 percent increase in the revenue of these states
It is known that Maharashtra, Telangana, Rajasthan, Kerala, Chhattisgarh, Odisha, Uttarakhand, Himachal Pradesh, Sikkim, Meghalaya and Mizoram have recorded a maximum increase of 104 per cent in revenue. Let us inform you that, Bihar is the only state whose collection has registered a decline of 73 percent. Its earnings decreased from Rs 23 billion to Rs 6.21 billion. Let's see the earnings of states other than Maharashtra and UP.