In Maharashtra, now you can transfer, land, flat or land without paying stamp duty for registration

Immovable properties can now be transferred to blood relatives without any stamp duty.

All the immovable properties such as; land, house or flat can now be transferred to blood relatives or children’s without any stamp duty on registration. It is expected that this will be the major relief for millions of families who are living in Maharashtra, as now onwards they don’t have to pay 5% of the ready reckoner rate of the property as stamp duty.

Revenue minister Eknath Khadse, make the announcement by saying that, an affidavit on a Rs 100 stamp paper would be sufficient. He later changed his statement by stating that now government no longer deals in Rs 100 stamp paper for property matters, so you need to pay Rs. 500. While in other decisions he announced in the House on Wednesday, that those who own 500sq ft or smaller homes than this, now they do not have to pay the increased property tax and now government will allow them to twice the transfer of development rights to a landowner in lieu of land surrendered for a public amenity.

For the reply on a discussion on the budgetary allocation for urban development department, Chief Minister Devendra Fadnavis stated that the government is framing a new policy, as TDR will be indexed to the ready reckoner rate to, it will prevent them to earn a windfall from the use of TDR of one area in another. The main aim of decision is to increase the TDR as it was taken as the new Land Acquisition Act has increased compensation, whereas; the RR rate of the area where it is being utilized will apply, the more he added.

Khadse state that the decision to waive stamp duty on immoveable property being passed to heirs will cost the exchequer Rs 350 crore annually, as a construction amenity TDR or incentive TDR will be offered to a land-owner in addition to the regular TDR if he develops an amenity and hands it over to the local body. For land and other property, the ready reckoner rate has gone up considerably even if the owner does not sell them at that rate in the market.

For this we have received a large number of complaints from every part. They have been demanding to know that why should they need to pay a huge amount to government while transferring a property to their own blood relatives or children’s. Hence, Government of Maharashtra has decided to do away with the stamp duty,” he said.