Maharashtra government reinstates 5% stamp duty on property registrations, Real Estate News, ET RealEstate

MUMBAI: The Maharashtra The government decided on Wednesday not to extend the 2% stamp duty exemption on property registrations from April.

He said he would reinstate his old five percent stamp duty system on property registrations from Thursday.

The state government cut stamp fees to 2% between August and December last year to boost the real estate market, which was facing a slowdown due to COVID-19 and the lockdown that followed. It was achieved at 3% between January 1 and March 31.

Minister of State Revenue Balasaheb Thorat said Wednesday that there would be no change in the stamp duty rates announced in September of last year.

Stamp duty is one of the top three contributors to state government revenue.

Deputy Chief Minister Ajit Pawar had proposed an additional one percent stamp duty easing if property was purchased in a woman’s name.

When issuing the order, the state’s finance department said that once the property was purchased in a woman’s name, she could not sell it for the next 15 years.

If she sells it, one percent of the renounced amount as well as a heavy fine will be levied. This means that if a woman buys real estate, she will have to pay a stamp duty of four percent.

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

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