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HomeNewsReal EstateStamp duty collection rise by 60% in Gujarat in FY24

Stamp duty collection rise by 60% in Gujarat in FY24

Gujarat govt’s income from stamp duty and registration fee surged 60% in 2023-24 over the past year. The govt earned a revenue of Rs 13,731.63 crore in the form of stamp duty and registration fees, even as the number of property documents registered stood at 18.26 lakh in 2023-24, 35% higher than the previous year.

According to official figures, the stamp duty and registration fee income stood at Rs 8,559.65 crore for 2022-23.

In absolute terms, the increase in revenue from stamp duty and registration for 2023-24 was Rs 5,171.97 crore, with stamp duty accounting for Rs 4,447.87 crore and the registration fee component Rs 724.10 crore.

As far as the number of documents registered is concerned, 18,26,306 property documents were registered in 2023-24, against 13,43,143 property documents registered in the previous year. In 2023-24, 4,83,163 more documents were registered, a rise of 35.97% over the previous year.

Jenu Devan, superintendent of stamps, said the record-breaking income from stamp duty and registration fees for 2023-24 is a result of both jantri revision and a huge increase in the number of property transactions. “The impressive increase in income from stamp duty and registration fees is because of higher property transactions and the jantri revision. We are analyzing data in detail and will devise ways to make the system more efficient,” he said.

Earlier, in April 2023, the state govt effected a revision in jantri rates after a decade. It announced that jantri rates will be doubled with effect from Feb 5. However, with representations made from several quarters, including real estate developers, the implementation of new jantri rates was deferred to April 15, 2023.

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