Cumulative revenue collection from stamp duties and registration fees in 27 states and the Union Territory of J&K rose to Rs 94,800.47 crore in the first half of 2022-23 (H1FY23), recording a solid growth of 35% year on year from Rs 70,100.20 crore in the prior year period, a report shows.
The average monthly revenue collection from such levies increased to Rs 15,800.07 crore in the first half of the year from Rs 11,600.87 crore in the first half of FY22, according to data collated by Motilal Oswal Financial Services.
Being the largest state in terms of the size of its economy and sky-high property prices in Mumbai, it is no surprise that Maharashtra tops the rankings with the largest revenue collection from this head at Rs 18 600 crore which increased by 65% from the previous year, the report said, adding that it is 20% of the overall stamp duty and registration fee for the country in the first half.
In the second bracket is Uttar Pradesh with Rs 12,300.94 crore of revenue from this head or 13% of all collections. The state recorded a 33% increase in revenue from Rs 9,300 crore in the first half of FY22. Tamil Nadu is at the third tranche of Rs 8,600.62 crore, contributing 9% of the national total. The state collected 39% more of these levies from Rs 6,200 crore during the period under review.
Karnataka and Telangana are ranked fourth and fifth with Rs 8,200.29 crore and Rs 7,200.13 crore, respectively, according to the state.
In terms of percentage growth, the tiny North Eastern states topped the charts with Mizoram trailing with 104% year-on-year growth, followed by Meghalaya (82%) and Sikkim with a 70% growth. Next comes Maharashtra with 65%, Odisha with 50% and Telangana and Kerala with 48% growth each.
Eleven states – Mizoram, Meghalaya, Sikkim, Maharashtra, Odisha, Telangana, Kerala, Chhattisgarh, Uttarakhand, Himachal and Rajasthan – saw growth of more than 40% in their revenue from these levies, according to the report.
According to Nikhil Gupta, the brokerage’s chief economist, the residential real estate sector has done very well over the past 18 to 24 months and continues to do well through Q2FY23.
The massive surge in registrations comes despite pandemic-related incentives such as reduced stamp duties, lower interest rates/lower prices, all of which have disappeared over the past six months, he said. he said, adding that it is therefore very likely that the sector could see some headwinds in the coming quarters and if there is a global recession in 2023, the sector will experience some downturn.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)