Pune, August 24, 2023: Pune and Pimpri-Chinchwad, two prominent cities in Maharashtra, have emerged as significant contributors to the state government’s revenue in the ongoing fiscal year (2023-24), collectively amassing an impressive sum of around three thousand crores.
This revelation came to light during a recent assessment conducted by the Registration and Stamp Duty Department, which meticulously examined the revenue figures for the first five months of the fiscal year. The surge in property transactions within the jurisdictions of Pune and Pimpri-Chinchwad has underscored the robustness of the region’s real estate market.
The Department of Inspection, Registration, and Stamp Duty attributes this robust activity to a confluence of factors, including the anticipated development of an international airport, the extensive metro project, the initiation of two circular roads at Purandar, and ambitious ventures within the information technology and industrial sectors. From April 1, 2023, to the present date, over an astonishing one lakh six thousand property transactions have been officially registered in Pune and Pimpri-Chinchwad, generating an impressive revenue stream of three thousand crores.
In the timeframe spanning from April to June 2023, a total of 69,589 cases were recorded, accumulating a revenue of 1,570.49 crores. Subsequently, in July, 25,229 cases were registered, yielding a revenue of 873.26 crores. As of August 2023, more than 20,000 cases have been registered, translating to a revenue of approximately 550 crores.
Aligned with the state government’s ambitious goals, a revenue target of 8,500 crore rupees has been set for Pune and Pimpri-Chinchwad in the current fiscal year. Impressively, the Registration and Stamp Duty Department has already achieved nearly half of this target within the initial five months.
Following the implementation of the Goods and Services Tax, the Department of Registration and Stamp Duty has emerged as the state’s second-largest revenue generator. Stamp duties, mandatory during the registration of diverse documents encompassing land transactions, property sales, contracts, award deeds, and digital tenancy agreements, have significantly contributed to this revenue influx. The escalating urbanization within the state, particularly in regions contiguous to city boundaries, has fostered a thriving real estate landscape, with Pune leading the way.
The state government is currently steering numerous ambitious projects, spanning road infrastructure, irrigation initiatives, airports, and metro networks. The financial resources required for these undertakings are largely derived from collected revenues. The allocation of funds for specific projects is contingent upon the accrued revenue data, underscoring the government’s unwavering attention to the revenue generated by the registration department.
