In a testament to the resilience and growth of Mumbai's real estate sector, the revenue collection from stamp duty and registration has soared to an impressive ₹50,400 crore for the financial year 2023-24. This represents a remarkable 13% increase over the previous year's collection, underscoring the sector's robust performance amidst challenging economic conditions.
The surge in revenue can be attributed to a combination of factors, including sustained momentum in the real estate market and concerted efforts by the government to recover dues. Real estate transactions have emerged as the second-highest revenue contributor after GST and sales tax, highlighting the sector's significance in driving economic growth.
The state government's proactive measures, including a special drive for the recovery of pending stamp duty from various sources, have yielded significant results. Initiatives such as the amnesty scheme for disputed pending cases have not only facilitated revenue recovery but also enhanced transparency and compliance within the sector.
Collaborative efforts between government authorities and departments, such as the Brihanmumbai Municipal Corporation, public works, and cooperation departments, have further bolstered revenue collection. Partnerships for stamp duty on agreements signed for tenders have provided a substantial boost to revenue, contributing over ₹500 crore to the total collection.
Despite the absence of a hike in ready reckoner rates last year, the real estate market has demonstrated resilience and dynamism, driving substantial revenue growth. The number of registered documents, including real estate deals and agreements between companies, surpassed 27.5 lakh in FY 2023-24, reflecting the sector's robust activity and investor confidence.
Looking ahead, the buoyancy in Mumbai's real estate market bodes well for sustained revenue growth and economic prosperity. Continued government support and proactive measures will be essential in maintaining momentum and fostering a conducive environment for further investment and development in the sector.
The remarkable performance of Mumbai's real estate sector amidst challenging circumstances underscores its resilience and potential as a key driver of economic growth. With continued collaboration between stakeholders and a conducive policy environment, the sector is poised for continued success in the years to come.
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