Stamp Duty reduced in Maharashtra

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To revive demand in the realty sector, the Maharashtra government last week reduced the stamp duty on property registration by 3% from 1 September to 31 December 2020, and by 2% from January 2021 to March 2021. Earlier, stamp duty charges were 5% in key cities such as Mumbai, Pune, Nagpur and Nashik, while 6% in others.

According to experts, given the fact that many developers have rolled out or planning to roll out festive discounts, the move is likely to incentivise some of the fence-sitters to buy houses. “The reduction is technically like an instant flat discount on the cost of the property. A 2-3% reduction is significant if we consider the usual ticket size of a property purchase in a hyper-expensive city such as Mumbai.

Stamp duty is a state levy paid to registrar. It is a fixed percentage levy and is charged on the transaction value or circle rate (minimum price of a property as per government), whichever is higher.

So, for a person buying a house worth ₹50 lakh in Mumbai, a 3% reduction in stamp duty will result in a saving of ₹1.5 lakh, while for a property worth ₹1 crore, the savings will be around ₹3 lakh.

Given the fact that interest rates are at almost a decade low, reduction in stamp duty will further bring down the cost for homebuyers.

⚡As per this Gazzette notification, the Stamp duty for Mumbai and Mumbai Suburban areas is reduced from 5% to 2% (3% reduction ) for the documents on which stamp duty is to be paid between 01.09.2020 to 31.12.2020 and 5% to 3% (2% reduction ) for the documents on which stamp duty is to be paid between 01.01.2021 to 31.03.2021.

🔥As per this Gazzette notification, the Stamp duty for Rest of Maharashtra is reduced from 5% to 3% (2% reduction ) for the documents on which stamp duty is to be paid between 01.09.2020 to 31.12.2020 and 5% to 3.5% (1.5% reduction ) for the documents on which stamp duty is to be paid between 01.01.2021 to 31.03.2021.

🔥This is the unique opportunity for the individuals and CHS where the stamp duty on flat agreements and conveyance deed can be paid at reduced rates .

🔥These reduced stamp duty rates for items under Article 25(b) of MH Stamp Act are available till 31.03.2021 in above mentioned slabs.

🔥 The builders in the interest of allottees , to comply with RERA Sec.13 on entering into agreement for sale should exploit and extend this opportunity to allottees to avoid the future litigation on this subject matter .

🔥The allottees in the projects should pursue the builders to get the Agreement for sale executed to take the advantage of this reduced stamp.duty .



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