Stamp Duty: Rs 948 billion earned from stamp-registration fee, UP ranks second
In eight major cities of the country, the prices of houses increased by about 5 percent in the first nine months of this year i.e. January-September.
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Revenue collection in the form of stamp and registration fees rose 35 percent to Rs 948.47 billion in the first half of the current fiscal due to a spurt in the sale of residential properties. In April-September of 2021-22, 27 states of the country and one union territory of Jammu and Kashmir earned Rs 701.20 billion as stamp and registration fees. ,
According to the report of Motilal Oswal Financial Services, Maharashtra has earned the highest amount of Rs 186 billion in the form of stamp and registration fee in the first half of 2022-23. This figure is 65 percent more than Rs 113 billion in the same period of the last financial year. Uttar Pradesh is in second place in this case with Rs 123.94 billion. This is 33 percent more than Rs 93 billion in the same period of 2021-22.
40% increase in 11 states
According to the report, during this period, the earnings of 11 states in the form of stamp and registration fees have increased by more than 40 percent.
These states are Maharashtra, Telangana, Rajasthan, Kerala, Chhattisgarh, Odisha, Uttarakhand, Himachal Pradesh, Sikkim, Meghalaya and Mizoram. The highest increase of 104 per cent has been registered in the revenue of Mizoram.
States with highest collection other than Maharashtra and UP
State earnings fast
Telangana 72.12 48 percent
Haryana 43.28 23 percent
Andra Pradesh 41.39 22 percent
Bihar is the only state with a decline of 73 percent in its collection.
Its earnings dropped from Rs 23 billion to Rs 6.21 billion.
Real estate industry will be affected next year
Motilal Oswal Financial Services Ltd. Nikhil Gupta, Chief Economist, said that the residential real estate sector has done exceptionally well in the last 18-24 months. However, the sector may face headwinds in the coming quarters. The realty industry may be affected to some extent in 2023.
House prices increased by five percent in eight major cities
In eight major cities of the country, the prices of houses increased by about 5 percent in the first nine months of this year i.e. January-September. The increase in input costs and strong demand for homes have pushed up the prices. According to property brokerage PropTiger.com, the average price of residential properties in the primary markets of these cities stood at Rs 6,600-6,800 per sq ft till the September quarter. By the December quarter of 2021, it was Rs 6,300-6,500 per sq ft.
In Delhi-NCR, prices rose by 5 percent to Rs 4,700-4,900 per sq ft. Prices in Ahmedabad rose by 5% to Rs 3,600-3,800, Bangalore by 6% to Rs 5,900-6,100 and Chennai by 2% to Rs 5,500-5,700 per sq ft.
Prices have increased by 4% in Hyderabad, 3% in Kolkata, 3% and 7% respectively in Maharashtra's top two markets Mumbai and Pune.