Latest News | Cumulative Stamp Duty, Registration Fee Revenue Jumps 35% to Rs 94,800.5 Cr in H1

Mumbai, Nov 21 (PTI) Cumulative revenue collection from stamp duty and registration fees across 27 states and the Union Territory of J&K rose to Rs 94,800.47 crore in the first half of 2022-23 (H1FY23), logging in a robust 35 per cent on-year growth from Rs 70,100.20 crore in the year-ago period, shows a report.

The average monthly revenue collection from these levies rose to Rs 15,800.07 crore in the reporting first half period, up from Rs 11,600.87 crore in H1FY22, according to the data collated by Motilal Oswal Financial Services.

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Being the largest state in terms of the size of its economy and the sky-high Mumbai property prices, it is not surprising that Maharashtra leads the table with the highest collection of revenue from this head at Rs 18,600 crore which grew 65 per cent from the previous year, the report said, adding this is 20 per cent of the overall stamp duty and registration charges for the country in H1.

In the second slot is Uttar Pradesh with Rs 12,300.94 crore in revenue from this head or 13 per cent of the overall collections. The state saw an increase of 33 per cent in revenue from Rs 9,300 crore in H1FY22. Tamil Nadu is at the third slot Rs 8,600.62 crore, contributing 9 per cent of the national overall. The state collected 39 per cent more in these levies from Rs 6,200 crore during the period under study.

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Karnataka and Telangana are placed fourth and fifth with Rs 8,200.29 crore and Rs 7,200.13 crore, respectively, according to the state.

When looked at from percentage growth the tiny Northeastern states lead the chart with Mizoram at the loss with 104 per cent on-year growth, followed by Meghalaya (82 per cent) and Sikkim logging in 70 per cent growth. Then comes Maharashtra with 65 per cent, Odisha with 50 per cent and Telangana and Kerala with 48 per cent growth each.

Eleven states -- Mizoram, Meghalaya, Sikkim, Maharashtra, Odisha, Telangana, Kerala, Chhattisgarh, Uttarakhand, Himachal and Rajasthan--have recorded more than 40 per cent growth in their revenue collections from these levies, the report said.

According to Nikhil Gupta, the chief economist at the brokerage, the residential realty sector has been performing superbly for the past 18-24 months and continues to do well right up to Q2FY23.

The massive spike in registrations come despite the pandemic-driven incentives such as stamp duty reduction, lower interest rates/lower prices, which have all vanished over the past six months, he said, adding it is therefore very likely that the sector may see some headwinds in the coming quarters and if there is a global recession in 2023 then the sector is in for some slowdown.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)