Maharashtra’s IGR nears ₹55,000 crore revenue target for 2024-25

Pune: The inspector general of registration (IGR) and controller of stamps, under the Government of Maharashtra, has collected ₹51,200 crore in revenue till March 11, achieving 93.09% of its targeted ₹55,000 crore for 2024-25. Over 26.22 lakh documents have been registered in this period. With 20 days still remaining in March, the IGR office expects to meet or even exceed its target by the end of the month.

The IGR office ranks second in Maharashtra in terms of revenue generation for the State government. In 2022-23, it earned ₹44,681.72 crore, which was 139.63% higher than the target set for that year, registering 25.76 lakh documents. In 2023-24, the department registered 27.90 lakh documents, earning ₹50,011.50 crore, achieving 100% of its revenue goal.

Operating through sub-registrar offices across Maharashtra, the IGR levies stamp duty on various transactions, including land purchases, flat sales, shops, contracts, gift deeds, and tenancy agreements. The charges are based on ready reckoner rates set by the state government.

Factors driving revenue growth

According to the IGR office, rapid urbanisation, especially in newly merged municipal areas, has led to increased property transactions, significantly boosting revenue. The surge is also attributed to major infrastructure projects, including airports, highways, and ring roads, along with a rise in affordable housing projects.

Flat transactions have notably increased in Pune, Mumbai, Nashik, Chhatrapati Sambhajinagar, Nagpur, and other emerging metropolitan centres. Additionally, the metro surcharge on stamp duty in Pune, Mumbai, and Nagpur has contributed to higher revenue collection.

IGR Ravindra Binawade noted that the department’s earnings have risen sharply due to urban expansion and growing property transactions.

“There is strong growth in the real estate sector. Many buyers anticipate an increase in ready reckoner rates, which has driven up land transactions. Urban areas have also witnessed substantial growth, further strengthening the revenue base,” he said.

Real estate boom

Real estate developers attribute the revenue surge to increased demand for new flats, large houses, and land parcels.

Developer Jehangir Dorabjee said, “People are purchasing properties in large numbers, expecting ready reckoner rates to rise. The aspirational class sees real estate as a hedge against inflation and economic uncertainties. There’s a strong demand for large-format properties, which is boosting the state’s revenue.”