According to a senior official, the Maharashtra Property Registration department may be faced with an increased revenue target for this fiscal year. An additional ₹5,000 crores is likely to be added to the department’s existing target of ₹55,000 crore to support the government schemes.
The official also stated “We have already reached nearly 64% of the ₹55,000 crore target by December. But with a new government in place, we are expecting a revision in our target”
According to another official, “This push for a higher revenue can be attributed to the rising demand for funds to apply to various schemes such as the “Ladki Bahin Yojana” initiative. Through this scheme, the monthly financial assistance per beneficiary will rise from ₹1,500 to ₹2,100. The revenue department will increase the target by late December to accommodate these additional requirements.
Challenges and Performances
According to the data given by the registration department, 17.59 lakh documents have been registered in this financial year generating ₹35,279.63 crore – thus helping them achieve their 64% target. Excise departments and property registration are the biggest contributors to the state exchequer. Meeting the requirements of the revised targets will however require some innovative strategies.
The officials have also noted that modifying the Ready Reckoner (RR) rates in the mid-year isn’t feasible. The official says “Alternative methods for revenue collection will be required such as revising the stamp duty under the Stamp Act”. The official also admitted that it would be challenging to meet the new revised target with less than 4 months left in this fiscal year. By revising the RR rates appears likely in the next financial year, despite the developers’ requests to freeze the rates for the next 3 years.
Stable Registrations but Seasonal Fluctuations
Averaging at about 2 Lakhs per month, the Property registrations have remained quite stable this year. The department also observed that slight declines in the months of October and Nober were reported while October recorded the highest revenue generation.
The property registration department is now awaiting guidance from the new revenue minister to finalize strategies for meeting the enhanced fiscal target.
Read More : Maharashtra property registration target may rise by Rs 5,000 crore to fund govt
