The state registration department is looking to increase the participation of builders under its online registration initiative for first-sale properties at developer offices, which was launched 2 years ago and has engaged 300 developers across Maharashtra since then.
The initiative aimed at reducing footfall at registration offices by enabling the buyers to complete the online registration process from the developers’ offices in coordination with the property registration department. “After resolving initial technical glitches, we have streamlined the process to ensure that all MahaRERA-registered developers can conduct registrations from their offices,” a state registration department official told .
The department has offered comprehensive training and technical assistance to help developers implement the system. Over 500 developers have already received training for the initiative, Credai officials said. “We expect more developers to carry out the registrations from their offices this year,” the official said.
At least 7,623 property documents were registered at the developers’ offices in the last one year, data shared by the registration department showed.
The department officials said they expected another 300 developers to join the initiative over the next two months. Around 10,000 property documents were registered under the initiative in the first year of its launch, which came down to 6,000 in 2023. “Around 7,000 property documents have been registered under the initiative this year so far,” another department official said.
Credai national’s governing council member Shantilal Kataria said, “The initial issues have been ironed out. Many developers are now interested in the process. State govt needs to push this initiative now.”
Another Credai member said there should be more awareness about the e-registration process across the state. “It will help save time and reduce footfall at the registration offices,” the member said.
Meghana Mohit, who recently registered her flat from the builder’s office, said she found the process easy. “The builder gave us the time and three homebuyers reached his office. We were done with the process within 10-15 minutes as all the documents were ready,” she said.Developers have written to govt urging no increase in RR rates and reduce stamp duty next fiscal. Credai state president Pramod Khairnar said increase in ready reckoner rates and stamp duty would disrupt the recovery in the property market. The developers’ association has additionally requested govt to reduce stamp duty to 3% to boost property transactions.
Property registrations across Maharashtra dropped to 1.7 lakh in Nov and 1.4 lakh between Dec 1 and 25. These numbers are way down from 2 lakh monthly registrations recorded since April, registration department data showed on Thursday
Sept recorded fewer than 2 lakh registrations. The election year and stable property prices contributed to fluctuating registration numbers, officials said
High-value transactions ensured that monthly revenue from property registrations remained above Rs 3,000 crore in Nov and Dec
At least Rs 3,995 crore revenue from property registration was recorded in Nov, while it stood at Rs 2,768 crore in Dec
The department has achieved 69% of its Rs 55,000 crore annual revenue target so far, with total registrations reaching 19.02 lakh and revenue collection at Rs 38,084.39 crore since April.
