The Maharashtra government announced on Wednesday that it won’t extend the two per cent stamp duty waiver on property registrations starting in April. The State clarified that it will bring back the previous system of five per cent stamp duty on property registrations from April 1.
The State cut the stamp duty charges to two per cent between August to December last year in a bid to revitalize the real estate sector that was struggling since the onset of the coronavirus pandemic. However, the stamp duty was raised to three per cent for the period between January 1 and March 31, 2021.
Also read - Maharashtra Govt's Decision To Reduce Stamp Duty Boosts Housing Sales
State Revenue Minister Balasaheb Thorat said on Wednesday that there won’t be any changes in the stamp duty rates declared in September 2020.
Meanwhile, Deputy Chief Minister Ajit Pawar had initiated a one per cent reduction in stamp duty if the property is bought in the name of a woman. The State Finance Department went on to say that after a property is purchased by a woman, she may not sell it for a period of 15 years.
Read - Maharashtra Government Reduces Stamp Duty On Home And Land Purchase
However, if the woman sells the property prior to 15 years, the waived one per cent, as well as a hefty fine, will be collected from her, it said. The state generates a lot of revenue from stamp duty alone, which is why the move to slash rates surprised a few people.
With the proposed timeframe of the relaxations now coming to a close, the government has decided not to extend it further. This move seems logical given that stamp duty on property is one of the top three revenue generators for the Maharashtra Government.
Also read - Migrant Workers Remain On The Edge As Maharashtra Government Mulls Over Lockdown
Share
Tweet
