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Latest News On Stamp Duty In Maharashtra 2020: Maharashtra Govt Temporarily Reduces Stamp Duty to 2% to Boost Demand in Real Estate Amid Slowdown

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

Latest News On Stamp Duty In Maharashtra 2020
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.

Check the Latest News On Stamp Duty In Maharashtra 2020

  • 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.

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