India’s total collection from stamp duty and registration charges recorded at INR 948.47 bn in H1FY23:Motilal Oswal Financial Services
· Collection of SD&RCs revenue grew by 35% YoY in H1FY23
· Maharashtra leads the table with highest collection of SD&RC are venue in the country
· Mizoram witnessed highest percentage increment with 104% YoY in the country
· About 11 states have recorded more than 40% increment in their revenue collection from SD&RCs
Mumbai, November 21, 2022: According to a study by Motilal Oswal Financial Services Limited, the cumulative revenue collection from stamp duty and registration charges(SD&RCs) from 27 states and one union territory (J&K) in India was recorded at INR 948.47 bn for H1FY23. This has recorded a surge of 35% from INR701.20 bn in H1FY22. The average monthly revenue collection in H1FY23 was INR158.07 bn as compared to INR 116.87 bn in H1FY22.
From the aspect of absolute revenue figures, Maharashtra leads the table with highest collection of state revenue from SD&RCs at INR 186 bn. The state contributed 20% of the overall SD&RCs revenue of the country in H1FY23.
Uttar Pradesh is placed second with INR 123.94 bn revenue from SD&RCs with a contribution of 13% to the overall collection. Uttar Pradesh witnessed an increment of 33% in revenue from INR 93 bn in H1FY22.
Tamil Nadu is placed third with INR 86.62 bn with 9% contribution to the overall revenue accrued by the country. The state witnessed 39% increase in revenue in H1FY23 from INR 62 bn in H1FY22.
Karnataka and Telangana are placed 4th and 5th on the SD&RCs table with revenue of INR 82.29 bn and INR 72.13 bn, respectively.
From the aspect of percentage growth in terms year-on-year, Mizoram witnessed growth of 104%, followed by Meghalaya with 82%, Sikkim with 70%, Maharashtra with 65%, Odisha with 50% and Telangana and Kerala with 48%.
Eleven states namely, Mizoram, Meghalaya, Sikkim, Maharashtra, Odisha, Telangana, Kerala, Chhattisgarh, Uttarakhand, Himachal Pradesh and Rajasthan have recorded more than 40% increment in their revenue collection from SD&RCs.
Annexure: Stamp Duty and Registration Charges Collection across 27 states & one UT of India
|
States |
H1FY22
(in ? bn) |
H1FY23
(in ? bn) |
?/?
(in State revenue) |
H1FY22
(% contribution to overall collections) |
H1FY23
(% contribution to overall collections) |
|
Maharashtra |
113.0 |
186.0 |
65% |
16% |
20% |
|
Uttar Pradesh |
93.0 |
123.9 |
33% |
13% |
13% |
|
Tamil Nadu |
62.4 |
86.6 |
39% |
9% |
9% |
|
Karnataka |
59.4 |
82.3 |
39% |
8% |
9% |
|
Telangana |
48.6 |
72.1 |
48% |
7% |
8% |
|
Gujarat |
48.0 |
62.8 |
31% |
7% |
7% |
|
Haryana |
35.2 |
43.3 |
23% |
5% |
5% |
|
Andhra Pradesh |
34.1 |
41.4 |
22% |
5% |
4% |
|
Madhya Pradesh |
34.8 |
40.6 |
17% |
5% |
4% |
|
Rajasthan |
28.5 |
40.4 |
42% |
4% |
4% |
|
West Bengal |
30.5 |
38.0 |
25% |
4% |
4% |
|
Others |
28.0 |
38.0 |
36% |
4% |
4% |
|
Kerala |
18.1 |
26.9 |
48% |
3% |
3% |
|
Punjab |
15.7 |
19.0 |
22% |
2% |
2% |
|
Chhattisgarh |
7.1 |
10.4 |
47% |
1% |
1% |
|
Odisha |
6.5 |
9.8 |
50% |
1% |
1% |
|
Uttarakhand |
6.5 |
9.5 |
46% |
1% |
1% |
|
Bihar |
23.0 |
6.2 |
-73% |
3% |
1% |
|
Jharkhand |
4.5 |
5.5 |
22% |
1% |
1% |
|
J&K |
2.4 |
2.7 |
12% |
0% |
0% |
|
Himachal Pradesh |
1.4 |
2.0 |
45% |
0% |
0% |
|
Tripura |
0.4 |
0.6 |
38% |
0% |
0% |
|
Sikkim |
0.1 |
0.2 |
70% |
0% |
0% |
|
Meghalaya |
0.1 |
0.2 |
82% |
0% |
0% |
|
Mizoram |
0.0 |
0.0 |
104% |
0% |
0% |
|
Nagaland |
0.0 |
0.0 |
9% |
0% |
0% |
|
Assam |
NA |
NA |
NA |
NA |
NA |
|
Arunachal Pradesh |
NA |
NA |
NA |
NA |
NA |
|
Manipur |
NA |
NA |
NA |
NA |
NA |
Source: Motilal Oswal Financial Services Ltd(MOFSL), CAG, CEIC
According to Nikhil Gupta, Chief Economist, Motilal Oswal Financial Services Ltd. said, “The residential real estate sector has performed superbly over the past 18-24months and continues to do well right up to 2QFY23. Most of the incentives such as stamp duty reduction, lower interest rates or lower prices have disappeared over the past six months. It is, thus, very likely that the sector may see some headwinds in the coming quarters. Add to that the real possibility of a global recession in CY23 and the real estate sector may be in for some slowdown.”