Maharashtra cuts stamp duty to boost realty

Mumbai: In a major decision to revive the stagnant property market, the state cabinet on Wednesday decided to reduce stamp duty on flats for seven months, starting September. The duty will be lowered from the existing 5% to 2% starting September 1 till December 31 and will be pegged at 3% from January 1 till March 31, 2021.Early this month, state revenue minister Balasaheb Thorat had told TOI about the government’s plan to reduce stamp duty on property registrations to boost transactions.The state cabinet on Wednesday also approved a Rs 700 crore road tax waiver plan for commercial vehicles to compensate for losses the transport industry has suffered in the lockdown. TOI had on Tuesday reported that this decision was all set to be taken. The reduction in stamp duty, though temporary, could be substantial for a prospective home buyer. A flat costing Rs 1 crore attracts a duty of Rs 5 lakh. It will now be Rs 2 lakh from September to December end, and Rs 3 lakh from January 1 to March 31, 2021.

from Economic Times https://ift.tt/31ttkWG