According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.
According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.
The state is said to have earned a handsome revenue from properties registrations in the month of February. According to the data released, the average value of properties registered this year was Rs 2 crores, almost sixty five percent higher than last year’s average which was around Rs 1.2 crore. In additional to the raise in value of properties, contribution from the Metro CESS added to the state’s revenue collections. Altogether the state has been able to collect a decade-long high in February at an average of Rs 40 crore per day.
The Brihanmumbai Municipal Corporation (BMC) is the civic body responsible for governing the city of Mumbai, India. The BMC is one of the richest municipal corporations in Asia, and its revenue comes from various sources, including taxes, fees, fines, and grants from the state and central governments.
According to the BMC's budget estimates for the financial year 2021-22, its total revenue receipts were projected to be around INR 33,441 crore (approximately USD 4.5 billion). The major sources of revenue for the BMC are property tax, which is expected to generate around INR 5,798 crore (approximately USD 778 million), followed by octroi, which is expected to generate around INR 4,100 crore (approximately USD 551 million).
Other sources of revenue for the BMC include water charges, which are expected to generate around INR 3,590 crore (approximately USD 482 million), and various fees and fines, which are expected to generate around INR 2,020 crore (approximately USD 272 million).
It is important to note that these revenue estimates are based on the BMC's budget projections, and the actual revenue collections may vary depending on various factors such as economic conditions, collection efficiency, and policy changes.
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