Led by Maharashtra, the cumulative revenue collection from stamp duty and registration fee of all the states jumped to Rs 1,00,100 crore for the first eight months of the current fiscal year, which for the entire FY21 was Rs 1,27,700 crore, according to a report.
An analysis of state-wise data by Motilal Oswal Financial Services showed that the average monthly collection by 28 states stood at Rs 12,500 crore during the reporting period of April-November 2021, which is slightly lower than Rs 12,800 crore in the pre-pandemic days . But, the monthly average is higher than Rs 10,600 crore recorded in FY21.
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The report did not offer a comparative number for the same eight months period of FY21 when the country was hit with the pandemic.
Thanks to Mumbai and Pune, Maharashtra recorded the highest collection of Rs 17,097 crore, contributing 17.1 per cent of the total collection during the period, followed by Uttar Pradesh, Tamil Nadu and Karnataka with Rs 12,800 crore, Rs 8,700 crore and Rs 8,400 core, respectively, as per the analysis.
In FY21, Maharashtra’s collection stood at Rs 25,427 crore or 19.9 per cent of the national total, followed by Uttar Pradesh at Rs 16,475 crore or 12.9 per cent of the total, Tamil Nadu Rs 11,675 crore or 9.1 per cent, Karnataka 10,576 crore or 8.3 per cent, Telangana Rs 5,243 crore or 4.1 per cent, Gujarat 7,390 crore or 5.8 per cent, Haryana 5,157 or 4 per cent.
Madhya Pradesh collected 6,760 crore or 5.3 per cent of the national mop-up in FY21, Bengal Rs 5,527.6 crore or 4.3 per cent, Andhra Pradesh at 5,603.3 crore or 4.4 per cent, Rajasthan Rs 5,297.3 crore or 4.1 per cent, Bihar Rs 4,206.3 crore or 3.3 per cent, and Kerala Rs 3,489.6 crore or 2.7 per cent.
Other states had under Rs 3,000 crore collection or less than 3 per cent of the national share.
According to Nikhil Gupta, the chief economist at the brokerage, the residential real estate sector has bounced back strongly since the second half of FY21, and it continues to perform well in FY22. In fact, it is doing better than anticipated. Considering its massive forward and backward linkages to the real economy, it has the potential to boost GDP growth substantially.