States, UTs collect Rs 2L cr in FY23 from real estate

New Delhi: The real estate sector is one of the major contributors to revenue of States and UTs, which collected an estimated Rs 2 lakh crore during last fiscal year in various forms, including stamp duties, according to a Naredco-Knight Frank India report.

This is equivalent to 5.4 per cent of the total revenue collected by all States and UTs in India during 2022-23, it added. “Real estate sector is one of the key contributors to the revenue of state governments. In FY 2022-23, an estimated Rs 2 trillion was collected by all states and UTs (Union Territories) in India from stamp duties, registration fees and land revenue,” the report said. Realtors’ body Naredco and property consultant Knight Frank India recently released a report ‘India Real Estate: Vision 2047’. As per the projection of the report, the size of the Indian real estate sector is estimated to jump more than 12-fold to $5.8 trillion by 2047 from $477 billion last year. The sector will contribute over 15 per cent to the total economic output of the country in 2047 from an existing share of 7.3 per cent. By 2047, when India reaches 100 years of independence, the size of the economy is estimated to be $33-40 trillion. For study purposes, Knight Frank has taken the mean estimated growth of the Indian economy at $36.4 trillion by 2047.