The Gujarat government has witnessed a robust 7% growth in its revenue from stamp duty and registration fees in the first nine months of the current financial year. The collections surged from Rs 12,821 crore in the April-December 2024 period to Rs 13,699 crore in the April-December 2025 period.
Revenue Set to Surpass Budgetary Target
Official sources indicate that the income from property registrations is now on track to cross the full-year budgetary target of Rs 19,800 crore for the financial year 2025-26. This optimistic forecast is based on the strong performance in the first three quarters.
"The stamp duty and registration fee has registered a substantial increase in the first nine months of the ongoing financial year due to higher value of property transactions. We expect the total financial year revenue from stamp duty and registration fee to cross the budgetary estimate," said official sources.
Market Absorbs Jantri Hike, Big Deals Boost Revenue
Industry experts point to a key factor behind this growth: the market has successfully absorbed the state government's 100% increase in jantri rates implemented in 2023. This adjustment in property benchmark rates is now directly reflected in the higher government income.
For context, Gujarat's total stamp duty and registration fee income was Rs 14,706 crore in the financial year 2024-25, up from Rs 13,731 crore in 2023-24.
Tejas Joshi, President of CREDAI Gujarat, highlighted several drivers. "Overall, real estate demand has remained strong since 2021. A number of projects were completed and the sale deed process also completed. We saw a number of big land deals this year which has resulted in growth in stamp duty income," Joshi stated.
Multiple Factors Fueling Real Estate Momentum
Several converging factors are creating a positive environment for property transactions in the state:
- Lower Home Loan Rates: Joshi credited the RBI's decision to reduce repo rates, which made home loans cheaper. "This boosted significant demand for ready-to-move residential projects especially after Navratri," he said.
- Commonwealth Games Effect: Industry players noted that the announcement of Ahmedabad hosting the Commonwealth Games in 2030 has significantly improved sentiment in the real estate sector, sparking investor and buyer interest.
- Anticipation of New Jantri: A leading developer suggested that the possibility of the state government introducing a revised scientific jantri in 2026 is prompting more people to complete their property deals before the end of the current financial year, which would further add to stamp duty revenues.
The consistent growth underscores the resilience and dynamism of Gujarat's real estate market, translating into substantial revenue for the state's exchequer.
