Maharashtra Revenue Minister Balasaheb Thorat expressed confidence that the reduction in stamp duty by the state government would bring relief to the general public, farmers and builders. He said that it will also help boost the economy of the state.
On August 26, the Maharashtra government announced the reduction in stamp duty by three per cent on home and land sale. This move comes months after builders have been urging the government to reduce stamp duty to boost the affected property sector.
Thorat said that the decision to reduce the current prevailing stamp duty was taken at a cabinet meeting held on Wednesday. As this happened, the prevailing stamp duty on the deed of transfer has been reduced by 3 per cent for the period from September 1, 2020, to December 31, 2020, and 2 per cent for the period of January 1, 2021, to March 31, 2021.
Due to the lockdown in the wake of the coronavirus pandemic, the property sector has witnessed a huge blow. However, the state government has started the business activities under the ‘Mission Begin Again’. For months, builders and various associations have urged the revenue department to reduce the stamp duty.
The decision of the state government to reduce the stamp duty is positive and it will bring relief to customers who are interested in buying a home, Shirish Baijal, Managing Director of Knight Frank India said. He further added that this will boost the residential market which is currently in a slump, mainly due to the coronavirus crisis.
Meanwhile, the Maharashtra government is already working on its plan to form a separate Slum Rehabilitation Authority (SRA) outside the Mumbai Metropolitan Region (MMR). SRA projects, however, will include a different process for these projects, and a team will be set up to understand the needs of the same.
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