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Property market buoyancy supports 34% jump in FY22 stamp duty collection.

Date: 13-06-2022
Subject: Property market buoyancy supports 34% jump in FY22 stamp duty collection
The robust property sales momentum being witnessed across the country is helping all the state governments fetch higher revenues through collections of stamp duty charges on registration of real estate transactions.

The cumulative revenue collection from stamp duty and registration charges (SD&RCs) from 27 states and one union territory of Jammu & Kashmir in India was recorded at over Rs 1.71 lakh crore during the financial year 2021-22, up 34% from a year ago, showed data analysed by Motilal Oswal Financial Services Ltd NSE -3.07 %.

The average monthly revenue collection across these states and union territories during the financial year rose to R 14,262 crore as compared to Rs 10,646 crore in the previous year.

From the aspect of absolute revenue figures, Maharashtra led the tally with the highest collection of state revenue from stamp duty and registration charges (SD&RCs) at Rs 35,593 crore. The state, which counts India’s largest and most expensive property market Mumbai and Pune amongst its key cities, contributed 21% of the overall SD&RCs revenue of the country.

“There is no doubt that the residential real estate sector witnessed remarkable revival in FY22. Still, it is important to note that the average growth in the last two years was nearly 15%. Considering the fact that interest rates have bottomed out, fiscal incentives have expired, inflation is high and the economic uncertainty is also steep, FY22 performance in the residential property market is unlikely to be repeated next year,” said Nikhil Gupta, Chief Economist, Motilal Oswal Financial Servi ..

The Reserve Bank of India’s decision to hike repo rate by 50 basis points earlier this week taking the cumulative hike in rates to 90 basis points in less than 40 days is expected to impact the pace of growth in demand for properties and actual conversion into sales.

While the recovery in housing sales may not see a sharp dip at least for now given the robust pent-up demand, the momentum of growth is likely to slow down, experts said.

Following the surprise hike in repo rate in May, the home loan rates have already started moving upward from their all-time lows that have been helping key property markets surpass pre-Covid levels and witness record sales.

Residential property market’s robust comeback amidst the outbreak of the pandemic was so far driven by low interest rates and stamp duty reductions and incentives offered by the developers.

Uttar Pradesh is placed second with Rs 20,048 crore revenue from SD&RCs with a contribution of 12% to the overall collection. Uttar Pradesh has witnessed an increment of 22% in revenue from Rs 16,475 crore in 2020-21.

Tamil Nadu is placed third with Rs 14,331 crore with 8% contribution to the overall revenue accrued by the country. The state witnessed a 23% on-year increase in revenue in 2021-22.

Karnataka and Telangana are placed fourth and fifth on the SD&RCs table with revenue of Rs 14,019 crore and Rs 12,372 crore, respectively. From the aspect of year-on-year percentage growth, Telangana witnessed the highest percentage increase of 136%, followed by J&K with 88%, Sikkim with 78%, Nagaland with 51%, Haryana with 47% and Gujarat with 41%.

Seven states namely, Telangana, J&K, Sikkim, Nagaland, Haryana, Gujarat and Maharashtra have recorded more than 40% increment in their revenue collection from SD&RCs.

Source Name:- Economic Times

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