Poor condition due to lockdown of major source of revenue
MUMBAI: Stamp duty, the state's main source of income, was earning an average of Rs 81 crore per day last year. On April 20, the government relaxed the restrictions on landdowns in some districts and allowed the department to start work. However, in the last 10 days, the government has received revenue of Rs 4.5 crore or Rs 45 lakh per day. This situation has arisen due to non-transaction in major cities of the state including Mumbai metropolitan area.
In 2018-19, the state had earned Rs 29,579 crore from stamp duty. It was expected to grow by at least 10 per cent in the last financial year. The revenue fell to Rs 23,765 crore due to the year-round economic downturn and the mid-March downturn. The work of the department, which was halted due to the lockdown, had started on a limited basis from April 20. Offices were also opened in the Green and Orange zones. Apart from that, e-registration transactions were also allowed. However, due to fears of future financial crisis, land and property deals are not seen. Only 1005 cases of diarrhea have been registered in the last ten days. It has earned an income of Rs 4.5 crore. Last year, the number of daily diarrhea registrations was 6,000. It's 100!
Only 27 rental agreements in Mumbai
There used to be hundreds of agreements to lease houses or commercial space (live and license). However, only 27 rental agreements have been signed in a month. All these agreements are done through e-registration. So, the number of these agreements across the state is 297. There have been only 778 transactions of buying and selling houses, commercial premises or land in the state in the last ten days. The highest revenue of Rs 3 crore 11 lakh has been received from it. It does not include any agreement in the Mumbai metropolitan area.
Fear of record decline
While presenting the budget for the financial year 2020-21, the Finance Minister had said that the revenue from stamp duty is expected to be Rs 30,000 crore. However, the Corona crisis has led to a downturn in property sales. So there are signs of a record decline in this objective.
MUMBAI: Stamp duty, the state's main source of income, was earning an average of Rs 81 crore per day last year. On April 20, the government relaxed the restrictions on landdowns in some districts and allowed the department to start work. However, in the last 10 days, the government has received revenue of Rs 4.5 crore or Rs 45 lakh per day. This situation has arisen due to non-transaction in major cities of the state including Mumbai metropolitan area.
In 2018-19, the state had earned Rs 29,579 crore from stamp duty. It was expected to grow by at least 10 per cent in the last financial year. The revenue fell to Rs 23,765 crore due to the year-round economic downturn and the mid-March downturn. The work of the department, which was halted due to the lockdown, had started on a limited basis from April 20. Offices were also opened in the Green and Orange zones. Apart from that, e-registration transactions were also allowed. However, due to fears of future financial crisis, land and property deals are not seen. Only 1005 cases of diarrhea have been registered in the last ten days. It has earned an income of Rs 4.5 crore. Last year, the number of daily diarrhea registrations was 6,000. It's 100!
Only 27 rental agreements in Mumbai
There used to be hundreds of agreements to lease houses or commercial space (live and license). However, only 27 rental agreements have been signed in a month. All these agreements are done through e-registration. So, the number of these agreements across the state is 297. There have been only 778 transactions of buying and selling houses, commercial premises or land in the state in the last ten days. The highest revenue of Rs 3 crore 11 lakh has been received from it. It does not include any agreement in the Mumbai metropolitan area.
Fear of record decline
While presenting the budget for the financial year 2020-21, the Finance Minister had said that the revenue from stamp duty is expected to be Rs 30,000 crore. However, the Corona crisis has led to a downturn in property sales. So there are signs of a record decline in this objective.
