PUNE: The state property registration department may face a steeper revenue target and an additional Rs5,000 crore could be added to its current fiscal year goal to fund govt schemes, a senior official told TOI.
“We’ve achieved nearly 64% of our Rs55,000-crore target before December. After the new govt formation, we’re anticipating a target revision,” a senior property registration department official said.
The expected push for higher revenue was attributed to the need of funds for various schemes, including Ladki Bahin, for which the amount is expected to be hiked from Rs1,500 to Rs2,100 per beneficiary per month. “The revenue department is expected to increase our target by late December to support these initiatives,” another official said.
According to the data shared by the registration department, as many as 17.59 lakh documents were registered so far this financial year, generating Rs35,279.63 crore. It is over 64% of its current revenue target.
The registration department and the excise department contribute the maximum amount to the state exchequer. These departments’ challenge would be the instrument through which they can achieve the revised target.
The property registration department’s officials will look forward to the new revenue minister for guidance on meeting the enhanced target. “Since Ready Reckoner rates cannot be modified mid-year, we’ll need alternative collection strategies,” one among them said.
“Some revision may be done under the stamp act to increase the stamp duty. Still, it will be difficult to meet the revised target in less than four months remaining in this fiscal. RR rates’ revision looks certain in the next financial year despite the developers’ bodies’ request to keep them constant for at least three years.
A source said property registrations had been stable this financial year, around two lakh a month. There was some reduction in numbers in September and November. Data showed the highest revenue was generated in October.
Pune: The state property registration department may face a steeper revenue target and an additional Rs5,000 crore could be added to its current fiscal year goal to fund govt schemes, a senior official told TOI.
“We’ve achieved nearly 64% of our Rs55,000-crore target before December. After the new govt formation, we’re anticipating a target revision,” a senior property registration department official said.
The expected push for higher revenue was attributed to the need of funds for various schemes, including Ladki Bahin, for which the amount is expected to be hiked from Rs1,500 to Rs2,100 per beneficiary per month. “The revenue department is expected to increase our target by late December to support these initiatives,” another official said.
According to the data shared by the registration department, as many as 17.59 lakh documents were registered so far this financial year, generating Rs35,279.63 crore. It is over 64% of its current revenue target.
The registration department and the excise department contribute the maximum amount to the state exchequer. These departments’ challenge would be the instrument through which they can achieve the revised target.
The property registration department’s officials will look forward to the new revenue minister for guidance on meeting the enhanced target. “Since Ready Reckoner rates cannot be modified mid-year, we’ll need alternative collection strategies,” one among them said.
“Some revision may be done under the stamp act to increase the stamp duty. Still, it will be difficult to meet the revised target in less than four months remaining in this fiscal. RR rates’ revision looks certain in the next financial year despite the developers’ bodies’ request to keep them constant for at least three years.
A source said property registrations had been stable this financial year, around two lakh a month. There was some reduction in numbers in September and November. Data showed the highest revenue was generated in October.
