Maharashtra slashes stamp duty on properties by 1%

03-Jul-2020    |    Source:   

MVA government of Maharashtra announced tax concession proposals. It included 1 per cent stamp duty concession for the next 2 years and other corresponding charges which are applicable on the document registration in the areas under MMRDA and municipal corporations of Pune, Pimpri-Chinchwad and Nagpur. 

Deputy Chief Minister Ajit Pawar said the concession in stamp duty will help promote the real estate sector in the wake of a slowdown. Further, he also announced sops for farmers, proposed to increase VAT on petrol and diesel by 1 Re. per litre and also reduced electricity duty on industries. 

Due to the tax concessions, it is expected that there will be a yearly revenue loss of around ?2,500 crore. This will help the state exchequer by an additional ?1,800 crore, the finance minister told the assembly.

According to Anuj Puri, "A 1% reduction of the stamp duty in key cities of Maharashtra will definitely give some monetary relief to homebuyers, particularly those seeking affordable properties. While it may not increase housing sales by a huge margin in other budget categories, it will definitely encourage a significant complement of fence-sitters eyeing affordable homes to take the plunge”. 

Niranjan Hiranandani was also quoted saying, This effectively, will result in 4 per cent stamp duty and 1 per cent Metro cess. The suggestion put forward by industry bodies was for a 50 per cent reduction but this is a beginning. while the move will impact collections, which might go down by an estimated Rs 1,800 crore, the shortfall can be recovered through alternative avenues as also the impact of multiplier sales that will happen”. 

What is your take on this reduction on stamp duty? 


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