Mumbai Real Estate: INR 865 Crore Collected In Stamp Duty Collections Done In Feb 2024

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In February 2024, Mumbai registered 11,742 property registrations, a 21% rise from the previous year. The sale registrations generated INR 865 crore for the state government, according to data from the Maharashtra government’s Department of Registrations and Stamps (IGR).

February 2024 establishes a new record for the best February month in 12 years, with Mumbai having the largest number of property registrations in any February month in that time span. The previous peak in February 2022 was driven by increased confidence and the release of pent-up demand as the pandemic’s impacts subsided. However, the recent spike can be attributed to rising income levels and a positive attitude towards homeownership, according to a Knight Frank India report.

However, revenue from property registrations fell by 22% YoY. The decrease in stamp duty collections is due to extremely high stamp duty collections last year following the government’s decision to limit tax deductions on capital gains received from the sale of residential property beyond March 31, 2023. MoM, overall registration and stamp duty collections climbed by 7% and 14%, respectively.