Mumbai: With an aim to boost the real estate sector which is hit by the coronavirus lockdown, the Maharashtra government in August reduced stamp duty on housing units by 3 per cent until December 31, 2020.
Now if you are planning to buy a new house in 2021? Here's some good news for you. Developers from Mumbai, Pune and other districts may bear the burden of stamp duty on themselves in a bid to revive the economy. A draft GR has been put ahead of the state cabinet. The premium reduction proposal was discussed recently in the cabinet. If the cabinet approves, one can buy a stamp duty free house in the next year.
The draft GR also states that both new and ongoing projects will be eligible for 50 per cent discounts. It also stated that there will be no waiver of interest for those builders who fail to pay premiums on time. Also, the developers will have to advertise that they will not charge stamp duty from the buyers.
This can benefit both the builder and the home buyer. Also, increasing home purchases will help accelerate the state's economic cycle.
After the reduction in stamp duty till December 31, the number of property registrations has gone up in Mumbai, Pune and other cities. Therefore, considering this, the government is preparing to make a big announcement in coming days.
Meanwhile, the Maharashtra government recently reduced stamp duty on lease agreements of immovable property applicable for 29 and more years to 2 per cent till December 31. While it will be slightly increased from January 1 to March 31 and will stand at 3 per cent.
