PROPi.IN
Guest
Login
Register

Maharashtra Property Registration Numbers Regain Highs

Log in Register
Home Maharashtra Property Registration Numbers Regain Highs
info@propi.in 9819311244
About PROPi
Account Activation Terms of Service Disclaimer Privacy Policy Refund Policy
About Us Contact Us

Maharashtra Property Registration Numbers Regain Highs

Maharashtra Property Registration Numbers Regain Highs

Maharashtra Property Registration Numbers Regain Highs

The property registration department has successfully reached 83% of its revised revenue target for the fiscal year 2023-24, which was adjusted to Rs 50,000/- crore from the initial Rs 44,000/- crore due to the high volume of registrations and revenue collection. From April 1 to the end of February, the department recorded over two lakh monthly registrations, accumulating a total of Rs 24.98 lakh registrations and revenue collection of Rs 41,911.51 crore. This makes the registration department the second-largest contributor to the state exchequer. Monthly earnings have consistently exceeded Rs 3,500/- crore, emphasizing the department's robust financial performance.

As the financial year approaches its end on March 31, and with the anticipation of new Ready Reckoner (RR) rates, developers have appealed to the state government to maintain the current RR rates to sustain the prevailing market buoyancy. The RR rate, equivalent to the "circle rate" or "guidance value" in various parts of India, establishes the minimum per square foot rate for a property set by the state government. Developers argue that altering the RR rates could disrupt the positive market trend. In January, the state CREDAI (Confederation of Real Estate Developers' Associations of India) submitted a request to the government, emphasizing the need for rate stability in 2023 and suggesting rationalization of stamp duty charges for potential Floor Space Index (FSI).

State CREDAI President Pramod Khairnar emphasized the buoyancy of the market and cautioned against disturbing the trend by increasing RR rates. He proposed rationalizing and charging stamp duty based on the utilized FSI. CREDAI national vice president Sunil Furde echoed this sentiment, highlighting the improving property registrations and revenue generation. As 2024 marks an election year, there is a consensus among industry representatives that the state government should refrain from making changes at present.

In the previous fiscal year 2022-23, the state government had increased RR rates by an average of 8.8%, with a uniform hike of 8.8% for all municipal corporations, excluding Mumbai. In 2017-2018, the rates were raised by 5.9%. Ahead of the Lok Sabha elections, any adjustment to RR rates in Maharashtra after April 1 may require permission from the Election Commission of India, should the code of conduct come into effect by then, as indicated by a revenue official.
Next Article : Maharashtra Government - New Rules for Development with Infra
Previous Article : Oberoi Realty Signs Agreement with Marriott International to Develop Hotels in Thane and Borivali
About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

Recent News