Good News for Women Home buyers in Mumbai and Pune!
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The Maharashtra government gave a nice gift to women in the state on International Women’s Day when it announced 1 per cent concession in stamp duty for them. This will be in addition to the reduction in stamp duty that the government had announced for all home buyers in August last year.
Presenting the state’s budget in the assembly on Monday, Maharashtra’s deputy chief minister and finance minister Ajit Pawar announced that the government would grant a concession of 1 per cent in stamp duty for women homebuyers in Maharashtra over the prevailing rate, provided the transfer of a residential property or registration of sale deed is in the name of a woman.
The unexpected announcement coming on Women’s Day is set to further boost home sales in the Maharashtra particularly the prime housing market of Mumbai Metropolitan Region (MMR) that comprises Mumbai city and several satellite towns such as Thane, Navi Mumbai, Kalyan-Dombivali, Ulhasnagar, Bhiwandi-Nizamapur, Mira-Bhayandar and Vasai-Virar.
The stagnant real estate market in Mumbai that was hit hard by the Covid-19 crisis had shown a sudden spurt after the Maharashtra government in August 2020 announced a reduction in stamp duty from 5 per cent to 2 per cent till December 31 and to 3 per cent from January 1, 2021 to March 31, 2021.
The 1 per cent concession in stamp duty for women homebuyers in Maharashtra will be applicable from April 1, 2021 to March 31, 2022.