Deduction of stamp duty in Maharashtra helps grow revenue; home sales surge in Pune, Mumbai

Deduction of stamp duty in Maharashtra helps grow revenue; home sales surge in Pune, Mumbai

Home sales in major cities such as Mumbai, Pune saw an uptick last year.

Mumbai: Stamp duty waiver scheme introduced in September for four months till December 31, revived the real estate sectors.

The Maharashtra government's revenue from registration of documents increased by Rs 367 crore. Courtesy: Three per cent waiver in stamp duty between September and December last year has helped to grow the sector which was badly affected due to coronavirus-induced lockdown.

"The stamp duty was six per cent in urban areas and five per cent in rural areas, both of which were brought down by three per cent," he said.

"The revenue generated rose from Rs 9,254.9 crore in this period last year to Rs 9,622.63 crore in September- December this year," PTI quoted Revenue Minister Balasaheb Thorat as saying. "There was a rise in the number of registration of documents by 4,11,588 and increase in revenue by Rs 367.73 crore. The rise in number of documents was 48.73 per cent, and the revenue rise was 3.97 per cent," he added.

The Maharashtra government had curt down stamp duty from 5 per cent to 2 per cent for October to December and to 3 per cent for the January-March duration. This has helped to boost the real estate sector which was in trouble due to resultant economic downturn.

Amid spread of novel coronavirus surprisingly home sales in major cities such as Mumbai, Pune saw an uptick last year.

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