Maharashtra realtors waive stamp duty for home buyers in bid to spur market

Following a recent cut in stamp duty on and other levies by Maharashtra Government on buying and selling of properties, the local unit of Naredco (National Real Estate Development Council) has waived off stamp duty for residential property transactions in the state.

The offer is available on its portal also and will be applicable till October 31.

The Maharashtra Government recently announced slashing the stamp duty on the purchase of new houses by 3 per cent from September 1 to December 31, 2020 and by 2 per cent from January 1, 2021 to March 31, 2021 to provide an impetus to market sentiment.

Rajan Bandelkar, president, Naredco–West, and Convener, said, “This unprecedented decision to charge no stamp duty on housing sales will bring a new wave of home buying in the short run and change the demand-supply dynamics positively. It will also result in a substantial savings and reduction in transaction costs for the end user. I appeal to all the consumers that it is a golden opportunity to buy a home as the property prices are lowest and bank loan interest rates are at an all-time low and stamp duty is becoming zero.”

The rate cut announced by the state government is done for two periods. One till December 31 of the year and another cut till March 31 of next year.

Stamp duty rates has been cut from 4 per cent to one per cent in rural areas till December 31 and two per cent till March 31, 2021.