The government of Maharashtra is further reducing stamp fees for women home buyers. Know the details
To encourage female home buyers, the Maharashtra government on Monday announced a 1% stamp duty concession over prevailing rates. The stamp duty refund will be granted if the transfer of ownership of the house or the registration of the deed of sale is in a woman’s name, the government said.
“On the occasion of International Women’s Day, I propose a reduction of the stamp duty of 1% on the rate in force exclusively for women, provided that the transfer of the property of the house or the registration of the ‘deed of sale is in the name of one or more women, “said Maharashtra Finance Minister Ajit Pawar. said Wednesday during the presentation of the state budget.
“As a result of this concession, there will be a shortfall of approximately ??1,000 crores, ”he added.
To boost the struggling real estate sector amid the coronavirus pandemic, the government of Maharashtra announced in August a reduction of the stamp duty on housing from 5% to 2% until December 31, 2020. From January 1 to 31, 2020 March 2021, the stamp fee has been reduced to 3%.
Mumbai, the financial capital of India, saw a huge increase in the number of real estate registrations in February, thanks to the reduction in stamp duties by the government of Maharashtra. More than 10,000 homes were registered in Mumbai in February, the data revealed.
In February 2021, properties worth ??11,745 crores were sold in Mumbai, up 34% year-on-year, according to data shared by Propstack. The total value of properties in September stood at ??9,025 crores; ??11, 640 crore in October; ??14,395 crores in November; ??34,025 crores in December 2020; ??10,170 crore in January, Propstack said.
“The Maharashtra government’s announcement of a 1% reduction in stamp duty and registration of properties registered in a woman’s name will further boost home sales in the state, this will help empower women. It’s a suitable gift for women We have seen the impact of a stamp duty cut in 2020, the latest announcement is expected to boost momentum, “said Krish Raveshia, Managing Director of ‘Azlo Realty.
“With a high number of home buyers seen in the past, this step will help potential buyers,” he added.
“This decision is beneficial for the real estate sector as the number of women looking for property has continued to increase. We hope that other states will follow suit,” commented Mani Rangarajan, director of the group operation, Housing.com, Makaan.com and Proptiger. .com.
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