In February 2024, Mumbai’s real estate sector collected INR 865 crore in stamp duty payments
In February 2024, Mumbai recorded 11,742 property registrations, marking a 21% increase from the previous year. These registrations resulted in INR 865 crore in revenue for the state government, as reported by Maharashtra’s Department of Registrations and Stamps.
This February set a new record for the highest number of property registrations in 12 years, indicating a strong real estate market. The surge is attributed to growing incomes and a positive attitude toward home buying, according to Knight Frank India.
However, despite the increase in registrations, revenue from property registrations decreased by 22% compared to the previous year. This decline is due to exceptionally high stamp duty collections in the previous year, driven by changes in tax policies. Month-on-month, both property registrations and stamp duty collections rose by 7% and 14%, respectively.
