Mumbai property market scales new high with Rs 1,131 crore stamp duty collection

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Mumbai has extended its record-breaking streak by collecting the highest-ever monthly stamp duty of nearly Rs 1,131 crore in March 2022.

The March 2022 figure has eclipsed the previous high of Rs 875 crore recorded in the same period last year.

According to data from Maharashtra's inspector-general of registration, over 16,152 residential deals were registered in March, making it the third highest monthly total ever.

March 2022 witnessed the pace as the government has imposed a 1 percent Metro cess from April 1, 2022, in the cities of Mumbai, Thane, Navi Mumbai, Pune, Nashik, and Nagpur. Upward revision of the stamp duty accelerated activities in the registration of properties as buyers rush to take advantage of the lower rate.

March 2022 recorded 51 percent month-on-month rise in property registrations over February 2022.

Homes of 500-1,000 sq ft continued to be the preference, accounting for 48 percent of the total registrations in March 2022, followed by compact homes of up to 500 sq ft bagging a share of 36 percent.

Maximum registrations were in the price band of Rs 1-5 crore, while in terms of apartment size, mid-sized homes (ranging between 500 sq ft and 1,000 sq ft) were the most-preferred category of property registered in March 2022.

Properties with a ticket size of Rs 1 crore and below made up 46 percent of all registrations in March 2022, dropping from 48 percent in February 2022.

Also Read: Property registration in Mumbai jumps 51% MoM in March to over 15,000 units

The Maharashtra government on March 31 decided to increase the ready reckoner (RR) rates in the state by an average of 8.80 percent.

Except Mumbai, the ready reckoner rates of all municipal corporations will be increased by 8.8 percent from April 1 onwards, said a government press note, a copy of which is with Moneycontrol.