In a bid to appear business friendly and competitive, the Government of Maharashtra has waived the 2 percent stamp duty applicable on the transfer of immovable properties to heirs or family members. This welcome announcement was made by Eknath Khadse, the Revenue Minister of the state, at the Legislative Assembly, last week.
Many of us look for resale properties in Mumbai and it is important for them to consider these factors primarily and then go ahead with their search. Infact, as a home buyer or investor, one must be geared up with the revised real estate laws, prices and other relevant information in the industry.
As far as stamp duty registration is concerned, the norms that prevailed earlier entailed the inheritor to pay a stamp duty of 2 percent on the market value of the property or its ready reckoner rate, under Maharashtra Stamp Act. In case the property did not qualify as ancestral ones, then the stamp duty required to be paid was 5 percent. This would have to be paid along with the Rs 200 as stamp duty on the release.
The minister has also announced that these properties would have to be registered with the state government. A policy similar to this one was adopted by the Government of Punjab earlier. The state government has also announced that the online registration processes for property sales transactions would be permitted. This would allow home buyers to register their properties without visiting the registration offices. These facilities have been applied already on voluntary basis for licence and leave transactions. The government shall make them applicable on sale transactions as well.
For those who are looking to hunt flats for sale in Mumbai, must consider the parameter of stamp duty registration on their selected property and make sure to do the needful.
No matter what you requirement is, if you consult a well versed property advisory firm, you can always can help in finding the right property for sale in Mumbai or your other preferred locality. So, go ahead and search the best residential property as per your budget and specific requirements.