Rs 1000 Stamp Duty For First-Time Affordable Home Buyers: Maharashtra

Maharashtra Stamp Duty and Registration department have started collecting only Rs 1,000 as stamp duty fee, instead of the usual five percent on homes that measure approximately 30 sq meters (i.e. 320 sq feet) and 60 sqm (i.e. 646 sq ft).

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Rs 1000 Stamp Duty For First-Time Affordable Home Buyers: Maharashtra

Good news for first-time home buyers who plan to buy cheap affordable homes in Maharashtra. The state’s Stamp Duty and Registration department have started collecting only Rs 1,000 as stamp duty fee, instead of the usual five percent on homes that measure approximately 30 sq meters (i.e. 320 sq feet) and 60 sqm (i.e. 646 sq ft).

However, there is a rider that the income of the person buying a home up to 320 sq ft should not exceed Rs 3 lakh, while the income of a person buying a flat up to 646 sq ft should be between Rs 3 lakh and Rs 6 lakh.

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Also, the home that is being registered with the government should be the first house and to avail the discount all the criteria of the Pradhan Mantri Awas Yojana (PMAY) would be applicable.

State housing secretary confirmed the news. Inspector General of Registration said, the government rule is self-explanatory and everything is being followed by us. The moment the government decides we will implement it.

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Advocate Vinod Sampat and expert on stamp duty said that the rules if adhered to will benefit many, who want to buy cheap affordable homes in the extended suburbs. Some experts opined that this will boost the sales as expenses of home buyers will come down. However, it will not have an impact in Mumbai and other leading cities as the cost of an average 1-BHK flat in the suburbs is around Rs 45-50 lakh. If your income is around Rs 6 lakh, you will not be able to buy a house in Mumbai.

Read Also: Maharashtra Government To Buy Unsold Flats From Private Developers

MD of Group Satellite, who is constructing affordable homes in Malad said, it will lower the taxes and duties and proportion of the total cost of purchase for a first time home buyer. We believe it will accelerate sales.

Source Link- http://www.dnaindia.com/.

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