Latest News On Stamp Duty In Maharashtra 2020: Real estate developers had been asking for a reduction in stamp duty following the lockdown to encourage home-buyers to buy properties during this pandemic.
Latest News On Stamp Duty In Maharashtra 2020
In a bid to encourage buying in the retail sector which hit by COVID-19, the Maharashtra government has decided to reduced stamp duty on housing units on Tuesday from 5 per cent to 2 per cent until December 31, 2020.
According to a report by Moneycontrol, stamp duty from Jan 1, 2021, until March 31, 2021, will be 3 per cent. The decision was taken at a state cabinet meeting held on Tuesday.
Real estate developers had been asking for a reduction in stamp duty following the lockdown to encourage home-buyers to buy properties during the pandemic.
“The move will benefit the customer and foster demand creation along with giving a stimulus to the allied industries coupled with employment generation. Whenever there has been a reduction in the stamp duty in the past, it has only lead to an increase in revenue in the government treasury, said Jaxay Shah, Chairman, CREDAI National.
“This is a proactive measure taken by the government and was most needed. It will provide buyers an incentive to buy homes, give them the option to take a decision to buy,” Satish Magar, national president of the Confederation of Real Estate Developers’ Associations of India told Moneycontrol.
- As Erlier In Maharashtra, stamp duty charges are 5 % in key cities like Mumbai, Pune, Nagpur and Nashik and 6 % in others.
- A 2-3% reduction in rates will result in significant savings for home buyers.
- The Maharashtra government on 6th March had announced that it is reducing stamp duty on properties by 1% for Mumbai, MMRDA Region and Pune for a period of two years.
- Stamp duty rates in other major states largely hover anywhere between 5-8%, but they are lower in some states if property registration is executed in the name of a woman.
- Delhi, Uttar Pradesh, Rajasthan, Punjab, and Haryana offer relaxation in stamp duty for women buyers.
- The exemption on stamp duty ranges from 1-2% in different states.