Despite a decline in the number of VIP vehicle registration number ( Also known as fancy number of preferred number) purchases following a steep price hike by the state government, revenue generated from these premium registrations has significantly increased over the past two months.
"From September 1 to October 31, 2024, a total of 5,818 VIP vehicle numbers were sold across four Regional Transport Offices (RTOs) in Mumbai, generating approximately Rs 10.04 crore in revenue. This marks a notable rise compared to the same period in 2023, when 6,285 VIP number plates were sold, generating Rs 6.71 crore" said an official of state transport department.
The surge in revenue, despite a drop in the volume of purchases, is attributed to the steep increase in pricing of these coveted vehicle numbers. "The cost of the highest-priced number, "0001," for four-wheelers has jumped to Rs 6 ( in rest of Maharashtra Rs 5 lakh) lakh in major cities like Mumbai and Pune, up from Rs 4 lakh previously. For two-wheelers, the fee for the same number has doubled to Rs 1 lakh"
The price hikes were introduced in late August following a state government notification, aiming to manage demand and boost revenue. VIP numbers, often considered a status symbol by businesspeople, politicians, celebrities, and even common citizens seeking lucky or meaningful numbers, have long been in high demand.
For many, these unique number plates are not just a form of identification but a matter of prestige. "The numbers are particularly prized by those willing to spend large sums on luxury vehicles, with VIP numbers often seen as an extension of their personal or professional image" said an official.
The increase in costs, however, has led to a slight dip in the overall number of VIP vehicle numbers purchased, with fewer buyers opting for these premium registrations. Still, the significant rise in prices has ensured that overall revenue from VIP number sales has soared.
The new pricing structure now applies to both private and commercial vehicles. Additionally, different categories of vehicles, such as two-wheelers, three-wheelers, and larger commercial vehicles, have varying price points for VIP number plates.
