Stamp duty in Jammu and Kashmir is generating steady revenue, primarily from the cities of Jammu and Srinagar. But, the registrations are falling, apparently because the people lack enough resources to purchase land, writes Masood Hussain
In Jammu and Kashmir, stamp duty collections reveal a stark concentration: in 2024-25, ten of the twenty districts contributed less than one per cent each, while Jammu and Srinagar cities alone accounted for half the revenue, with the remaining 40 per cent generated by just eight other districts.
Stamp duty, it may be noted, is a tax imposed on individual property transactions or documents, which, in the case of Jammu and Kashmir, is mostly levied when land changes hands. Under the tariffs in vogue, a purchaser has to pay 1.2 per cent of the deal as registration fee and three per cent of the property cost as stamp duty in case of women and 7 per cent for men, and in case it is a couple purchasing the asset, the duty is at five per cent.
Stamp duty is a key component of Jammu and Kashmir’s income kitty, and it has been fluctuating over the years but is now slightly stabilising after a series of interventions. The stamp duty and registration ecosystem has entered a phase of stability in revenue terms, but with shifting undercurrents across districts, gender-linked reforms, and the balance between urban growth and rural lag.
Data from 2021-22 to 2025-26 shows that while stamp certificates issued remain steady, registration certificates have steadily declined, and revenue mobilisation is increasingly concentrated in urban-industrial clusters led by Jammu and Srinagar cities.
Certificates: Stability vs Decline
Officials said they are maintaining the records at two levels: one, where the people come and register the property; and second, where they purchase and pay the stamp duty.
“Right now, the land transactions between blood relations are free from any stamp duty liability”, one senior officer in the Department of Registration said. “However, they have to pay 1.2 per cent of the cost of the property involved in the transaction as a registration fee. These registrations come in thousands, something that is happening perhaps for the first time.”
The statistics offer an idea. The number of stamp certificates issued in Jammu and Kashmir has been remarkably consistent. From 2021-22 to 2024-25, the figure hovered between 50.88 lakh and 66 lakh. In 2024-25, the state issued 62.38 lakh certificates. The current year, 2025-26, has already recorded 19.99 lakh certificates by July, suggesting that the year-end total will once again fall close to the 66-lakh mark.
This stability, however, contrasts with the decline in registration certificates. In 2021-22, Jammu and Kashmir issued 84,140 registration certificates. The numbers have steadily fallen – 80,127 in 2022-23, 78,474 in 2023-24, and 74,725 in 2024-25. The current year, 2025-26, has logged only 23,818 registrations up to July, suggesting the year may end with around 75,000 registrations, flat compared to last year but well below earlier levels.
Analysts suggest this decline points to reduced property turnover, possible consolidation in urban housing markets, and even reliance on informal or secondary transactions that bypass formal registration. Given the robust monitoring systems in place, there are no alternatives, however. The real estate is directly linked to the overall economy and the declining numbers suggest the people’s purchasing capacity is gradually getting compromised.
Collections: Stable and Strong
Despite the decline in registrations, revenue collections have held steady. In 2023-24, Jammu and Kashmir collected Rs 627 crore, including Rs 133.70 crore of registration fee and Rs 493.4 crore of the pure stamp duty. In 2024-25, stamp duty collections reached Rs 493.4 crore, while registration fees brought in Rs 133.7 crore. Together, the two heads yielded Rs 627.2 crore.
In Q1 of fiscal 2025-26, up to July, stamp duty has already generated Rs 132.5 crore, while registration fees contributed Rs 33 crore, taking the combined revenue to Rs 165.5 crore. This is nearly one-third of last year’s annual total achieved in the first quarter itself. Unless the pace slackens, the state is heading for a stronger year in 2025-26.
Importantly, stamp duty accounts for almost 80 per cent of total revenue, underscoring its heavier weight compared to registration charges.
Urban-Industrial Influence: The Revenue Map
Eighty per cent of all stamp duty collections in Jammu and Kashmir arise from urban centres. Jammu and Srinagar cities together account for half of the state’s revenue under this head.
District-level details reveal a sharp concentration.
Jammu tops with a 30 per cent share (Rs 204.7 crore), powered by the city’s rapid real estate expansion and the Ring Road projects.
Srinagar contributes 20 per cent (Rs 135.6 crore). Officials note that revenue here has plateaued, hinting at market saturation.
Budgam (8 per cent) and Pulwama (5 per cent) are Kashmir’s emerging growth zones, riding on industrial activity and spillover housing demand.
Kathua (7 per cent) and Samba (4 per cent) benefit from industrial clusters, together contributing over 13 per cent.
Mid-range contributors include Baramulla (6 per cent), Anantnag (4 per cent), and Udhampur (3 per cent), which have maintained consistency without major spikes.
At the bottom of the table lie districts such as Bandipora, Doda, Ramban, Reasi, Shopian, Poonch, and Kishtwar. Each contributes only about 1 per cent or less despite significant population bases, pointing to weak property transactions or under-registration.
Jammu vs Kashmir: The Regional Divide
A clear regional split is visible. Jammu division dominates revenue mobilisation, thanks to urban concentration in Jammu city and industrial corridors in Kathua and Samba. In contrast, the Kashmir division shows mixed results. Srinagar alone contributes 20 per cent, but beyond the capital, only Budgam and Pulwama have shown promise. Most other districts of Kashmir contribute modestly.
This divide underscores a wider structural disparity in property markets and industrial activity between the two divisions.
Srinagar’s contribution of Rs 135.6 crore in 2024-25 was significant, yet observers note that collections here may have “peaked.” With property saturation in the city and little room for fresh expansion, revenue growth may increasingly depend on Jammu’s continuing urbanisation and Kashmir’s peripheral industrial belts rather than Srinagar itself.
Policy Shifts and Reform Timeline
The stamp duty in Jammu and Kashmir is at its best in history after it underwent a series of reforms and interventions. Not too many years ago, the stamp duty, then collected by the Sales Tax department, was not a significant contributor to the public kitty because people were paying peanuts for major land and real estate deals. This triggered a major intervention when the civil authorities started looking at the minimum price of land parcels in urban and rural Kashmir.
Earlier, people declared arbitrary values for land transfers, paying nominal fees. The government introduced zonisation, under which deputy commissioners fix minimum rates for land transactions, below which no transfer is permitted. This is a yearly exercise, and the rates are published on the government websites for reference.
In the second major reform, the government took away registration from the judiciary and converted it into a full-fledged departmental function. The Department of Registration is one of the major revenue-earning departments in the erstwhile state.
In May 2018, the Mehbooba Mufti government introduced zero stamp duty for women buyers, citing women’s low ownership of immovable property. The measure encouraged families to register assets in women’s names, offering both savings and empowerment.
A year later, however, the Governor’s administration under Satya Pal Malik reintroduced stamp duty for women, citing significant revenue losses and misuse by companies. Rates were fixed at 3 per cent for women in urban areas and 7 per cent for men. The decision drew political backlash but remained in force.
In April 2022, the government announced a 50 per cent remission of duty for first-time home buyers of properties up to Rs 1 crore purchased through approved agencies. The scheme remained in force until March 2024.
In Budget 2025, Chief Minister Omar Abdullah announced the waiver of stamp duty on property transfers between blood relations via Gift Deeds. Effective April 1, 2025, this applies to transfers among parents, siblings, children, and grandparents. However, the 1.2 per cent registration fee continues to apply.
Gender and Family
The 2018 zero-duty decision for women was hailed as a landmark for women’s economic empowerment in Jammu and Kashmir. Women’s rights activists argued that property ownership strengthens bargaining power within households and protects women in cases of domestic violence or desertion.
The subsequent rollback in 2019 sparked protests. Critics said the government prioritised revenue over empowerment. The debate highlighted the deep gender gap: according to NFHS-2016, only 33 per cent of women in the erstwhile state owned a house compared to 81 per cent of men, while just 23 per cent owned land compared to 73 per cent of men.
The 2025 Gift Deed waiver has been interpreted as a step back towards social ease, though it is framed more as family convenience than gender empowerment.
There was an impression that the Gift Deed waiver could impact the collections. A senior officer, however, said it is untrue. “Earlier, the land transactions between blood relations would not come to us, even for registration. They felt no need for doing this,” the officer said. “After the government waived the duty, we are getting thousands of registration cases. They pay registration fees, and it is improving the collections, at least on the registration front.”
Looking Ahead
Projections for 2025-26 indicate another stable year in terms of stamp certificates issued and revenue mobilisation. Registration numbers may remain flat, but collections in the first quarter suggest buoyancy.
The future, however, will depend on policy directions and economic growth patterns. Jammu city’s real estate expansion, coupled with Kathua and Samba’s industrial push, is expected to sustain momentum. Budgam and Pulwama could drive Kashmir’s share upwards if more money is invested in the real estate sector.
But the warning signs are clear. Srinagar has plateaued, peripheral districts remain weak, and registration figures continue to decline. Unless new drivers of property transactions emerge, stability could mask underlying stagnation.
Stamp duty and registration revenue in Jammu and Kashmir has become one of the most reliable sources of the exchequer. Yet behind the stable collections lies a tale of contrasts—between urban and rural, between Jammu and Kashmir divisions, and between gender equity promises and fiscal compulsions.
As Jammu and Kashmir heads further into 2025-26 in a questionable dual-governance set-up, the system stands at a crossroads. It reflects the government’s ability to balance fiscal needs with social policy, while also revealing the fault-lines of uneven development. In the end, the flow of stamp duty revenue is more than just numbers—it is a mirror to the evolving land, property, and power dynamics of Jammu and Kashmir. Given the situation on ground zero, it is going to be impacted by the income slump in the coming days.
