Hey Pune folks, have you heard the latest news from the State Registration and Stamp Duty Department? They’ve been raking in the big bucks with a whopping revenue of ₹33,000 crores from the registration of 16.66 lakh documents between April and November this fiscal year. That’s a whopping 60% of their annual revenue target of ₹55,000 crores set by the state government.
Stamp duty, which is collected during the registration of various documents like land purchases, flat sales, tenancy agreements, and more, has been a major cash cow for the state. And with the surge in real estate transactions in cities like Pune, Mumbai, Thane, Nagpur, and Nashik, it’s no wonder they’re hitting those revenue targets.
Thanks to the ongoing urbanization in the state, there’s been a boom in property transactions in both urban areas and villages near city limits. This has led to a significant increase in the registration of property deeds, bringing in more moolah for the government.
The state government heavily relies on revenue from stamp duty to fund large-scale infrastructure projects like roads, metro networks, airports, and irrigation initiatives. And with the Ready Reckoner rates staying stable this fiscal year, without any increase in market value rates, transactions have been booming, benefiting both buyers and the government.
With the consistent rise in revenue collection each month, it’s clear that there’s a high demand for property transactions in the state. And with urbanization continuing to pick up speed, the department is feeling pretty optimistic about hitting that year-end target of ₹55,000 crores. Looks like the real estate market in Pune is hotter than ever!
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