Good news! Maha Gov may consider stamp duty waver for affordable homes

Maha Gov may consider stamp duty waver for affordable homes

In a first, Maharashtra Government is contemplating on waving off stamp duty on small homes. While the planned waiver is expected to offer relief to buyers of small and compact homes, the revenue collection gap will be filled by increased charges on larger apartments.

The government will give up stamp duty, levied at 5% of the property value on homes in the affordable segment and offer a concession on the charge on mid-sized homes. With a view to supporting the central government’s vision of housing for all by 2022, the Maharashtra government has proposed a waver of stamp duty for houses with an area of less than 250 square feet and providing discounted rates for flats up to 450 sq ft. on the other hand, Residences above 450 sq ft will cost 10% more with the state planning to increase ready-reckoner rates by as much as 10% from April 1, according to sources.

This scheme will greatly benefit small and affordable category home buyers in extended suburbs of the Mumbai metropolitan Region and also tier-II cities of the state. With several other proposals of the Union Government favouring homebuyers, this additional waver would persuade end-users to buy homes and help the government achieve its vision of Housing for All.