Amidst the outbreak of the coronavirus, the state government has decided to reduce the stamp duty in a bid to revive the economy.
The coronavirus-induced lockdown had left the construction industry in shambles. As per reports, this decision taken by the Maharashtra government further garnered a huge response, leading to a sharp rise in property transactions and house sales.
Due to the response, the revenue department has decided to keep the stamp registration office open till late at night. Accordingly, the secondary registrar's offices in Mumbai, Thane and Pune will be open till 8.45 PM on all seven days of the week.
Earlier on August 26, the state cabinet decided to reduce the stamp duty. As a result, the rate of stamp duty has been reduced by 3 per cent for the period of September 1 to December 31, and by 2 per cent for the period of January 1 to March 31. Moreover, stamp duty is being levied from 5 per cent to 2 per cent in rural areas and from 6 per cent to 3 per cent in urban areas.
In recent developments, earlier in the day, around five-six thousand house purchase transactions were registered in the state. Currently, 12 to 13 thousand registrations are being done every day. In addition, over one lakh house purchase and sale documents have been registered in the last three months
According to Balasaheb Thorat, Maharashtra Revenue Minister, the period between September 1 and November 25 witnessed a total of 7,22,348 transactions being registered across the state, with nearly 65 per cent of these being sale transactions. Corresponding data for the same period last year shows that the number of transactions registered was 5,19, 373. In other words, the volume of registered transactions this time around was 2,03,065 more or 39 per cent more than the registrations during the period last year.
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