Stamp Duty and Registration office in Panvel
Stamp Duty was restored to its earlier rate of 5% on Wednesday 31st March, 2021. The Maharashtra government had reduced stamp duty on Real Estate Transactions to 2% in Maharashtra between August and December 2020, due to the Corona Crisis, which had reduced revenue collection via this key source. Stamp Duty is one of the biggest sources of Revenue for the State Govt.
After 31st December, the stamp duty was increased to 4%. Stamp duty is now back to its previous rate of 5%. However, women will still get a 1% concession on stamp duty if the property is purchased on their names. But this comes with a rider that the property cannot be then sold for 15 years. If it is sold, then the 1% stamp duty benefit will have to be repaid by her along with a penalty.
Other than stamp duty, there are local cesses (taxes) imposed according to the location of the property (rural area/cantonment area/municipality etc). This can add another 1% to the 5% stamp duty and make the actual stamp duty 6%.
No other changes have been made to the ready reckoner rates and registration charges in Maharashtra as of now.