Moneycontrol

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Stamp duty collections in Mumbai at Rs 500 crore in July 2021; around 20% increase over June

Registrations touch over 9,000 housing units compared to 7,851 units in June 2021 which is an increase of 15 percent; The number has risen by almost 20 percent compared to July 2019 when 7,534 units were registered.

An aerial view of India's financial capital Mumbai at night prior to COVID-19. (PC-Shutterstock)

An aerial view of India's financial capital Mumbai at night prior to COVID-19. (PC-Shutterstock)

Mumbai’s registration office collected over 20 percent more revenue from stamp duty collections in July compared to June 2021 as the maximum window of four months for paying stamp duty to register apartments ends on July 31, 2021, data by the Maharashtra government’s Department of Registrations and Stamps (IGR) has said.

It collected over Rs 500 crore from stamp duty paid on properties registered in the month of July 2021 compared to Rs 420 crore in the month of June 2021. This is also up by almost 17 percent compared to the collections in July 2019 (Rs 452 crore), said an analysis by Propstack.

The Maharashtra government, in December 2020, had given a leeway of four months to homebuyers to register property after the payment of stamp duty in order to prevent crowding of registration offices. This ensured that homebuyers who had purchased residences and paid stamp duty on or before March 31, 2021, have a maximum window of four months till July 31, 2021, from the respective date of payment of stamp duty for registering their apartment.

Also Read: Stamp duty collections in Mumbai back to pre-COVID-19 levels; Rs 420 crore collected in June 2021