Maharashtra cuts stamp duty charges to 2-3% for 7 months
New Delhi: Maharashtra government has decided to cut the stamp duty charges from existing 5 percent to 2-3 percent from September 2020 for seven months. The state cabinet has decided to cut the stamp duty charges by a massive 3 percentage points for four months starting September 2020 till end of December. From 1st January till the end of the ongoing fiscal, the stamp duty charges will be 3 percent.
The move is aimed at reviving the real estate market which is witnessing severe slowdown.
The cabinet also approved a waiver of road tax of Rs 700 crore for the commercial vehicles. This is aimed at offsetting the losses incurred by the transport industry. The industry has suffered massive losses during the lockdown.
There are reports of other states which are also considering lowering the stamp duty charges so as to boost the real estate industry. The stamp duty charges accounts fir a big chunk of expense in buying-selling process of properties. The stamp duty in Karnataka may also be lowered very soon.
Stamp duty charges in various states are in the range of 5-8 percent currently. IN states like UP, Delhi, Punjab, Rajasthan and Haryana, there is a waiver of stamp duty charges of 1-2 percent for women home buyers.