Houses in Mumbai to get expensive as the state government increases stamp duty by 1 per cent

The state government believes that this move will generate more than ₹1,000 crore in revenue. The revenue generated will be used to fund projects like metro, monorail, freeways and other public transport systems

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Mumbaikars will now have to pay extra for their dream home as the stamp duty goes up by 1 per cent. On Tuesday, the state assembly cleared an amendment in the Mumbai Municipal Corporation Act that authorises the Brihanmumbai Municipal Corporation (BMC) to levy an additional 1 per cent on stamp duty as a surcharge.

The state government believes that this move will generate more than ₹1,000 crore in revenue. The revenue generated will be used to fund projects like metro, monorail, freeways and other public transport systems. The bill now will be placed before the legislative council for an approval. Once approved, stamp duty (excluding registration fees) in Mumbai will increase to six per cent of the property transaction amount. This will definitely a bad news for Mumbaikars who will find it really difficult to invest in real estate.

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The government recognises the need to implement important urban transport projects related to mass rapid transport system such as metro, mono, bus rapid transport system including freeways, sea-link etc. With a view to ensuring that the corporation or the agency, which has undertaken the notified transport projects, has sufficient funds at its disposal for this purpose,” said the bill.

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