Maharashtra’s Registration & Stamps Department Approaches 50,000 Crore Revenue Target
Pune, 27th March 2024: The Department of Registration & Stamps, renowned for its consistent record-breaking revenue collections, continues its streak of financial success. In the fiscal year 2022-23, the department amassed a staggering revenue of 44,681 crores. Demonstrating remarkable growth, the department has surpassed its milestone this year, accruing an impressive 47,438 crores in the fiscal year 2023-24.
With the government setting an ambitious revenue collection target of 50,000 crores for the current fiscal year, all eyes are on the Department of Registration & Stamps as it approaches the deadline of March 31. The prospect of surpassing the 50,000 crore mark looms tantalizingly close, sparking widespread anticipation.
As the second-largest revenue-generating department for the state, the Department of Registration & Stamps plays a pivotal role in fueling Maharashtra’s economic engine. Rapid urbanization, coupled with burgeoning real estate transactions in both urban and peri-urban areas, has significantly contributed to the department’s robust revenue stream.
The department’s revenue collection encompasses a diverse array of transactions, including land and property sales, contractual agreements, tenancy arrangements, and share market dealings. Each year, the government establishes minimum tax base rates for immovable property, providing a foundation for stamp duty calculations, with collected funds channelled into the government treasury.
This fiscal year, amid the backdrop of the newly formed Mahayuti government and impending Lok Sabha and Assembly elections, the government has made substantial allocations for development initiatives. Ambitious projects spanning road infrastructure, irrigation, and metro networks have been initiated, necessitating substantial financial resources.
The department’s stellar performance is underscored by a notable surge in the number of registered documents. Compared to the preceding year, an additional 1,82,562 cases have been recorded, with a total of 27,59,098 cases registered by the end of March 25. This exponential growth reflects the state’s vibrant economic activity and robust real estate market.
As the fiscal year draws to a close, the Department of Registration & Stamps stands poised to not only meet but potentially exceed the formidable revenue target, bolstering the state’s coffers and facilitating critical development endeavours.
