Starting April 1, property developers with a minimum of 50 housing units can register properties with MahaRERA at their own offices. Rajagopal Devara, the additional secretary of revenue, shared the Maharashtra state government's target to increase annual stamp duty registration revenue from INR 50,000 crore to INR 75,000 crore within two years. The decision on maintaining or changing ready reckoner rates, which impact stamp duty fees and property values, will be taken following a review. The government has also allowed property registration from any office in Pune and Mumbai, with this facility to be extended to buyers in Kolhapur district as well.
Starting from April 1, property developers with at least 50 housing units will be provided with the facility to register their properties with MahaRERA (Maharashtra Real Estate Regulatory Authority) at their own offices. Speaking after the 'Dalan 2024' exhibition organized by CREDAI in Kolhapur, Rajagopal Devara, the additional secretary of revenue, shared the state government's aim to boost annual revenue generated through stamp duty registrations from INR 50,000 crore to INR 75,000 crore within the next two years. While addressing the demand to maintain unchanged ready reckoner rates (government-fixed prices of land properties), he mentioned that a decision on this matter would be taken following a review.
Due to factors like the COVID-19 pandemic and other reasons, the ready reckoner rates have not seen an increase. Typically, these rates, which represent the government-set value of land and properties, are declared at the beginning of each financial year on April 1. An increase in these rates contributes to higher stamp duty fees, and it also impacts property values in the market.
Furthermore, Devara mentioned that the state government has permitted property registration from any office in Pune and Mumbai districts, and this facility will be extended to buyers in Kolhapur district as well. Property owners in Kolhapur district will be able to register their properties from any registry office within the district, eliminating the limitation imposed by the jurisdiction of the registry office.
In an effort to enhance services and accessibility, the state government is working on developing 50 offices across the state as model registry offices equipped with all necessary facilities. Two such offices are currently being established in Kolhapur district as part of this initiative. This move aims to simplify and expedite property registration processes, making it more convenient for developers and property owners while contributing to the state's revenue goals.
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