The Maharashtra government's decision to reduce stamp duty on registration of properties, which came into effect from September 1 this year, has helped boost housing sales in the Mumbai region during this pandemic.
The state government reduced the stamp duty on lease agreements of immovable property, that is applicable for more than 29 years, to 2 per cent from 5 per cent in Mumbai till December 31. From January 1 to March 31, 2021, it will be 3 per cent.
This is on the lines of stamp duty reduction which was introduced in two tranches from September to December 2020 and from January to March 2021.
According to the data revealed by a global property consultant, between September 1 and December 17, 116 high-end apartments worth roughly ₹2,200 crores were registered across the 25 stamp duty registration offices in Greater Mumbai.
The data also shows that a total of 240 luxury apartments that are collectively worth over ₹4,700 crores were sold in the city from January 2020 till mid-December. The average price of each apartment is around ₹20 crores, although several were sold for between ₹50 crores and ₹69 crores.
According to the revenue and forest department, the project proponents or purchaser or lessor or lessee of any immovable property under any user or any subsidiary company of any project proponents which has availed the remission or reduction as per any other order or policy of the state government shall not be entitled to remission or reduction of stamp duty under this order.
Further, the department said that no refund shall be granted where full stamp duty has already been paid.
While sales have recovered, there are still 8,881 unsold apartments over ₹5 crores in Greater Mumbai, said sources.
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