Maharashtra Government reduce stamp duty to boost Real Estate Sector

| | , ,

The COVID-19 has put the adverse effect not only on the real estate sector but other sectors as well. The blow due to COVID pandemic is very big and it will take time to come out of the glut. The Maharashtra government has decided to reduce stamp duty on real estate to encourage homebuyers to purchase properties during the pandemic. 

A big Relief to Real Estate Sector

To boost the stagnant real estate market, the Maharashtra government on August 26 decided to temporarily reduce stamp duty on housing units. The judgment was taken at the state cabinet meeting on August 26. It is a big relief to real estate sectors to encourage homebuyers to purchase properties during the pandemic. Now, we discuss the measures taken by the Maharashtra Government.

Measures taken by Maharashtra Government

The Maharashtra Government has decided to take a major step for the Real estate sector such as – 

  • Announced to reduce the prevailing stamp duty on the sales deed of residential units from 5 per cent to 2 per cent until December 31, 2020.
  • This relaxation started from 1st September 2020 to 31st December 2020. 
  • Thereafter from Jan 2021 to until March 31, 2021, the stamp duty shall be reduced by 2 % i.e effective stamp duty rate shall be 3%.

Benefits for the Real Estate Sector

Whenever there has been a decline in stamp duty in the past, it has only begun to increase the revenue.

Some of the important benefits such as- 

  • It will provide buyers with an incentive to buy homes.
  • Also, give them the option to take a decision to purchase.
  • The decreased cost of the stamp duty assists first-time homebuyers or resale flat buyers to invest in real estate.
  • It will boost the real estate market in this festive season. 
  • This will also help the Government to generate revenue as property registration expected to increase.

Now All Property Work in NOIDA to be Done Online

Moreover, the main aim of the government to encourages homebuyers to purchase properties during the pandemic. This move also encourages the real estate builders carrying RERA registration to deliver the possession of residential houses before 31st December 2020.

If you need any other assistance with respect to the RERA registration, please feel free to contact our business advisors at 8881-069-069.

Download E-Startup Mobile App and Never miss the latest updates relating to your business.




Trademark Registration for Chemical Goods: Trademark Class 1

41st GST Council Meeting on GST Compensation to States 


Leave a Comment