Maharashtra govt to reduce stamp duty for home buyers?

Maharashtra Chief Minister Eknath Shinde said that the government of Maharashtra is looking to study and consider reduction in stamp duty charges as he aims to transform Mumbai into a slum free city with a push for affordable housing.

As a minister of Urban Development in the previous government, Shinde had already provided concessions on premium to the real estate industry that helped its revival to a large extent and is willing to extend support to the industry even now, he said.

While NAREDCO Maharashtra president Sandeep Runwal urged for a reduction of stamp duty once again, so that the benefits could be passed on to the home buyers, Shinde asked the builders’ body to give a proper chart of what they would like to have in the form of stamp duty. “Thereafter, in consultation with the finance department, a viable golden mean could be reached,” he further stated.

As per the report of Economic Times, the imposition of the metro cess, stamp duty on property registration in Pune and Mumbai, which are the country’s most expensive and largest real estate markets, have increased by one percentage point. In Mumbai, the stamp duty is now 6% of the asset's value while it has risen to 7% in Pune, Nagpur, and Thane.