Diwali Property Registrations Halted Amid Treasury System Overhaul

System Maintenance Causes Diwali Registration Disruptions

The Treasury Department has expressed regret over disruptions to property registration services during the Diwali season. Diwali, especially Dhanteras, marks an auspicious time for purchasing property, but this year, essential system maintenance has interrupted the registration process, affecting home buyers hoping to complete their transactions on this significant day.

Why Property Registration is Essential in Property Transactions?

To complete a property purchase, buyers must register related sale deeds or agreements with the Inspector General of Registration and Stamps, paying stamp and registration fees online. These payments are processed through the Treasury Department, which issues a receipt (challan) necessary for property deed registration at the appointed time.

Treasury System Overhaul and Cloud Migration

The Treasury Department’s GRAS portal, responsible for processing these payments, is currently undergoing cloud migration.

As part of this upgrade, the portal is temporarily unavailable until October 29, 2024, at 11:59 PM. During this period, challan generation and registration services are inaccessible, creating a delay for all types of property transactions.

Notices regarding the system update are available on the Inspector General of Registration’s website, igrmaharashtra.gov.in.

Increased Demand for Property Registration This Diwali

Despite these setbacks, Mumbai has witnessed a 15% increase in property registrations this year compared to the previous Diwali season. In 2023, Diwali property registrations generated ₹712 crore from 9,736 deeds in November. This October, the city has already seen 11,859 registered transactions, collecting ₹1,080 crore in stamp duty revenue—a spike driven by both Diwali and Navratri celebrations in the same month.

Temporary Delay but Promising Demand

While the system maintenance may delay transactions, the demand for property ownership remains high, showing a positive trend for the Mumbai real estate market. The Treasury Department has extended its apologies to affected property buyers and stakeholders.