State Govt. revenue affected due to slowdown in realty sector

Mumbai:
Due to downturn in Mumbai’s property market it seems that state government’s revenue is also affecting. As per the reports that “in current fiscal year due to slowdown in real estate market it would be a rare chance of meeting the bench mark of revenue target.”
According to the senior officials, government has estimated revenue from stamp duty and registration charges for property transaction Rs.15, 677cr. approx 15% higher than the corresponding collection during the last financial year. Comparatively previous years revenue from stamp duty and registration department has recorded 31%.
Whereas, in the current fiscal year property deals has been badly affected due to the slowdown of market. Chief Minister Prithviraj Chavan and Deputy CM Ajit Pawar reviewed the state’s financial position in this week. The downtrend in stamp duty collection and its impact on the entire revenue targets dominated the discussion, sources said.