According to a domestic brokerage, state earnings from stamp duty and registration fees increased by 34% in FY22 to Rs 17.11 lakh crore, with Maharashtra leading all states.
June 10, 2022 / 08:16 PM IST
States’ revenues from stamp duty and registration fees jumped 34 per cent in FY22 to Rs 17.11 lakh crore, with Maharashtra leading all the states, a domestic brokerage said on Friday. Maharashtra witnessed a 40 per cent growth in the revenue collection from the two sources at Rs 3.55 lakh crore, and was followed by Uttar Pradesh at Rs 2 lakh crore (up 22 per cent) and Tamil Nadu at Rs 1.43 lakh crore (up 23 per cent), the report by Motilal Oswal Financial Services said.
From a revenue growth perspective, Telangana witnessed the highest increment at 136 per cent to Rs 1.23 lakh crore as against Rs 52,433 crore in the year-ago period, the report which analysed 27 states and the Union Territory of Jammu and Kashmir said. The revenues are collected primarily from real estate transactions in a particular state, and will get influenced both by the number of deals and also the prices at which they happen, the report said.
The brokerage’s chief economist Nikhil Gupta said the residential realty market witnessed a revival in the last fiscal and the average growth in the last two years of the pandemic was 15 per cent. He, however, was sceptical if the growth can be sustained amid economic uncertainties.
“Considering the facts that interest rates have bottomed out, fiscal incentives have expired, inflation is high and economic uncertainty is also steep, FY22 performance in the residential property market is unlikely to be repeated next year,” Gupta said.