Maharashtra slashes stamp duty to 2 pc until December 2020

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To boost the stagnant real estate market hit by COVID-19, the Maharashtra Government has decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31. The decision was taken at a meeting of the state Cabinet on August 26.

The duty from January 1, 2021, until March 31, 2021, will be 3 percent.

Real estate developers had been asking for a reduction in stamp duty following the lockdown to encourage homebuyers to purchase properties during the pandemic.

On August 15, state Revenue Minister Balasaheb Thorat had hinted that a 2 to 3 percent reduction in stamp duty on property registrations was in the anvil.

Stamp duty rates in other major states largely hover anywhere between 5 to 8 percent, but they are lower in some states if property registration is executed in the name of a woman.

Delhi, Uttar Pradesh, Rajasthan, Punjab, and Haryana offer relaxation in stamp duty for women buyers. The exemption on stamp duty ranges from 1-2 percent in different states.