The rush of buyers in Mumbai to get properties registered before the state's new ready reckoner regime came into effect on January 1 was so heavy that the online registration system crashed on December 31. The website igrmaharashtra.gov.in of the department of registration and stamps continued in that state for over three hours.
Nevertheless, stamp duty revenue earned on the registrations in the last two days of 2014 was around Rs 280 crore, a record as it is the highest stamp duty collection over two days for the state in recent years. The number of property registrations in the two days was 22,530 in the state.
To everyone's surprise, the latest ready reckoner rate hike—14% on an average—by the state government is the lowest of recent years. the hike for Mumbai (municipal corporation area) is an average of 14.81%.
Nevertheless, stamp duty revenue earned on the registrations in the last two days of 2014 was around Rs 280 crore, a record as it is the highest stamp duty collection over two days for the state in recent years. The number of property registrations in the two days was 22,530 in the state.
To everyone's surprise, the latest ready reckoner rate hike—14% on an average—by the state government is the lowest of recent years. the hike for Mumbai (municipal corporation area) is an average of 14.81%.
Ready reckoner rate is the base rate of property that determines stamp duty and registration charge collected by the government in the course of a property transaction. While stamp duty is 5% of the ready reckoner or market rate, whichever is higher, registration charge is likely to be 1% of the total value of a property from this year onwards. Till now, registration charge was fixed at Rs 25,000 per transaction on residential properties.
Know More About Rush for property registrations sees record stamp duty revenue
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