Maharashtra government to reinstate 5% stamp duty on property registrations

The state government had slashed the stamp duty charges to two per cent between August and December last year to boost the real estate market, which was facing a slowdown due to COVID-19 and the subsequent lockdown.

MUMBAI: The Maharashtra government on Wednesday decided not to extend the two per cent stamp duty waiver on property registrations from April.

It said it would reinstate its earlier system of five per cent stamp duty on property registrations from Thursday.

The state government had slashed the stamp duty charges to two per cent between August and December last year to boost the real estate market, which was facing a slowdown due to COVID-19 and the subsequent lockdown. It was made three per cent between January 1 and March 31.

State Revenue Minister Balasaheb Thorat on Wednesday said that there would not be any changes in the stamp duty rates announced in September last year.

Stamp duty is one of the three biggest revenue contributors for the state government.

Deputy Chief Minister Ajit Pawar had offered one per cent extra relaxation in stamp duty if the property is purchased in the name of a woman.

While issuing the order, state finance department had stated that once the property is purchased in the name of woman, she cannot sell it for the next 15 years.

If she sells it, then one per cent of the waived amount along with heavy fine will be collected from her. It means, if a woman buys an immovable property, she will have to pay four per cent stamp duty.

However, for the purchase of the same property, a man will have to pay five per cent stamp duty from April 1 onwards.

Source: https://realty.economictimes.indiatimes.com/news/industry/maharashtra-government-to-reinstate-5-stamp-duty-on-property-registrations/81815531