Maharashtra Govt Considering Proposal To Cut Stamp Duty By Half On Property Transactions

Maharashtra is considering a proposal to cut stamp duty rates on property transactions in the state by a half. Industry body National Real Estate Development Council wrote to Chief Minister Eknath Shinde, requesting to waive off half of the stamp duty due from home buyers. The state's real estate developers are ready offer the remaining 50% waiver as a subvention to consumers, Naredco said in the letter. Naredco feels such a step can negate impact of higher interest rate impact for homebuyers. "Such a step would provide relief to home buyers from a surge in interest rates" Sandeep Runwal, president of the Maharashtra chapter of Naredco said. Stamp duty rates vary across the state to as high as 7%, and home buyers in Maharashtra also pay 1% “metro cess”.Read More