Maharashtra: No change in Ready Reckoner rates but government decides not to extend stamp duty
Ready Reckoner (RR) rates in Maharashtra will remain unchanged for 2021-22, but there is no extension on stamp duty waiver
Mumbai: Ready Reckoner (RR) rates in Maharashtra will remain unchanged for 2021-22, but there is no extension on stamp duty waiver, Maharashtra Revenue Minister Balasaheb Thorat said on Wednesday.
The last increase in RR rates was declared in September 2020, when market values for properties around Maharashtra gone up by 1.74 per cent. On account of the obstinate strike in the real estate industry, the government hadn’t reviewed the rates in 2018-19 and 2019-20. While the rates for 2020-21 were expected to be announced April 2020, the government pushed the declaration back till September against backdrop of the pandemic.
Even though there are no change in Ready Reckoner rates, the government has decided not to extend the stamp duty waiver on property registrations where a 2 per cent waiver was given till March 31. The scheme was declared last August to boost the real estate sector, whereby stamp duty on housing units was deduced from 5 per cent to 2 per cent until December 31, last year. It was subsequently kept at 3 per cent till March 31, this year.
Last week, multiple real estate developers had requested Maharashtra government to extend the prevailing stamp duty rebate that expired on March 31, by a year, saying that the move had helped increase property registrations.
From today (April 1) onwards, the regular 5 per cent rate will be applicable. The state government on the occasion of Women’s Day (March 8), the Maharashtra government declared a 1 per cent cut on stamp duty charges if the transfer of house or registration of sale deed is in the name of a woman.
Recently, in a survey conducted by ANAROCK, 62 per cent of women respondents confirmed housing as their preferred asset over the other options such as gold, fixed deposits and stock market.