More than a month after withdrawal of high-value currency notes of Rs 500 and Rs 1,000, revenue from stamp duty has slipped to Rs1,305 crore in November in Maharashtra
More than a month after withdrawal of high-value currency notes of Rs 500 and Rs 1,000, revenue from stamp duty has slipped to Rs1,305 crore in November in Maharashtra, as against the monthly average Rs 1,643 crore before November 8, when the Centre announced its decision to ban the notes.
Even as there was pick up from November 17, there were more dips in collections between November 20 and November 28. In 2015, The Centre collected Rs 1,464 crore from stamp duty in terms of revenue in November, but due to slump, it was also a slow month , a ‘The Indian Express’ report has said. In August, revenue from stamp was more at Rs 1,748 crore, falling to Rs 1,608 crore in September and then increasing in October at Rs 1,908 crore because of sales in the festive season of Diwali.
The dip has been very noticeable in Mumbai, which is one of the of the top realty markets in the country, at 39 percent for registration of properties compared to 29.9 percent across the state in eight registration circles. Against a daily average of Rs 20 crore in stamp duty collections between April 1 and November 8, the Maharashtra capital could report only Rs 12 crore in daily collections after demonetisation, officials told the paper.
The Department of Registration and Stamps in the state is adopting a waiting policy for the figures for December before making a full evaluation on the effect of demonetisation on real estate in Maharashtra. Agents hope for more sales in December. But department is still not sure if it will achieve the target of Rs 23,548 crore from stamp duty for fiscal 2016-17 after the Centres decision to ban high value currency notes.