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The Maharashtra state registration department is intensifying efforts to promote its online property registration system for first-sale properties conducted from developers' offices. Launched two years ago, the initiative aims to streamline the registration process and reduce footfall at registration offices. So far, 300 developers have participated, with over 7,000 property documents registered in the past year. To boost adoption, the department has provided training to over 500 developers and expects another 300 to join soon. Despite fluctuating registration numbers, high-value transactions ensured monthly revenue stayed robust, contributing significantly to the annual revenue target.
The Maharashtra state registration department is encouraging more builders to participate in its online property registration initiative for first-sale properties conducted directly from developers' offices. Since its launch two years ago, 300 developers across Maharashtra have adopted the system. The initiative aims to simplify the registration process for homebuyers, allowing them to complete formalities online in collaboration with the registration department, thereby reducing footfall at registration offices. Advertisement
A state registration department official explained that initial technical challenges have been resolved, enabling MahaRERA-registered developers to conduct registrations seamlessly from their offices. The department has also provided comprehensive training and technical support to ensure smooth implementation. Over 500 developers have already received this training, and the department expects another 300 to join the initiative in the coming months.
Data reveals that 7,623 property documents were registered from developers' offices in the last year, with 7,000 registrations recorded so far this year. The initiative's initial success saw around 10,000 documents registered in its first year, though this figure dropped to 6,000 in 2023.
Maharashtra has witnessed a dip in property registrations, with numbers dropping to 1.7 lakh in November and 1.4 lakh in December (up to the 25th). These figures are significantly lower than the monthly average of 2 lakh registrations recorded since April. Officials attribute the decline to factors such as stable property prices and the election year. Despite the drop in registrations, the state's revenue has remained strong, bolstered by high-value property transactions. November's property registration revenue reached INR 3,995 crore, while December's revenue stood at INR 2,768 crore. Cumulatively, the department has achieved 69% of its INR 55,000 crore annual revenue target, with 19.02 lakh registrations and INR 38,084.39 crore collected since April.
The state registration department's online initiative marks a significant step toward modernising property registrations, offering convenience to homebuyers and reducing strain on registration offices. Although registration numbers have fluctuated, the initiative has garnered increasing support from developers and homebuyers alike. Sustained efforts, coupled with government incentives such as reduced stamp duty, could enhance the program's adoption and further strengthen the property market. The steady revenue figures despite reduced registrations highlight the potential for high-value transactions to bolster the sector's recovery. By addressing developers' concerns and raising public awareness, the state can ensure the initiative's long-term success.
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