Maha govt extends stamp duty waiver period for resale properties
25 Mar 2022
2 Min Read
CW Team
The Maha Vikas Aghadi (MVA) government has extended the period for stamp duty waivers for investors who would sell their properties in a year of buying to achieve the benefit of the stamp duty waiver.
Recently, the state legislative assembly passed the bill for the same. Now, the investors can earn a stamp duty waiver even on a resale property within three years of purchasing. For such deals, stamp duty is payable only on the price difference of the property besides the whole amount.
According to the Real Estate Regulatory Authority (RERA) Act, it takes three years to complete the project as per the mandated conditions and regulations under the RERA Act.
Presently, if an investor buys a flat in an apartment and resales within a year, some waiver is given in the stamp duty by charging it only on the price difference.
As per the bill, since one year did not help earn many profits through such a deal post-Covid-19 pandemic, the number of such resales that earned any such benefit is minimal.
As per the bill, if one year is extended up to three years, for the waiver to be earned, the benefit will be availed by more investors. It will enhance the number of investments and also the sale-purchase deals, benefiting the huge revenue that the state earns through the stamp duty on properties.
The bill suggests that this initiative will encourage the real estate segment and the construction business and provide more employment opportunities for the youths in the state.
State Revenue Minister, Balasaheb Thorat, said that the decision would encourage investors to boost their real estate deals, in return, generating revenue and employment in the state.
Also read: Maha realtors to halt construction as raw material costs skyrocket
The Maha Vikas Aghadi (MVA) government has extended the period for stamp duty waivers for investors who would sell their properties in a year of buying to achieve the benefit of the stamp duty waiver.
Recently, the state legislative assembly passed the bill for the same. Now, the investors can earn a stamp duty waiver even on a resale property within three years of purchasing. For such deals, stamp duty is payable only on the price difference of the property besides the whole amount.
According to the Real Estate Regulatory Authority (RERA) Act, it takes three years to complete the project as per the mandated conditions and regulations under the RERA Act.
Presently, if an investor buys a flat in an apartment and resales within a year, some waiver is given in the stamp duty by charging it only on the price difference.
As per the bill, since one year did not help earn many profits through such a deal post-Covid-19 pandemic, the number of such resales that earned any such benefit is minimal.
As per the bill, if one year is extended up to three years, for the waiver to be earned, the benefit will be availed by more investors. It will enhance the number of investments and also the sale-purchase deals, benefiting the huge revenue that the state earns through the stamp duty on properties.
The bill suggests that this initiative will encourage the real estate segment and the construction business and provide more employment opportunities for the youths in the state.
State Revenue Minister, Balasaheb Thorat, said that the decision would encourage investors to boost their real estate deals, in return, generating revenue and employment in the state.
Image Source
Also read: Maha realtors to halt construction as raw material costs skyrocket
Next Story
Inox Green Signs Agreements For O&M Of 285 MWp Solar Projects
Noida-based Inox Green Energy Services Limited, a leading Indian renewable power operations and maintenance (O&M) service provider, has signed agreements to manage 285 megawatt peak (MWp) of solar projects for two major renewable energy companies. These projects span multiple sites owned by the clients.With this deal, Inox Green鈥檚 solar O&M portfolio has grown to approximately one gigawatt within a month of entering the solar O&M segment. The company is part of the INOXGFL Group and a subsidiary of Inox Wind.Inox Green has over four gigawatts of renewable assets under manage..
Next Story
CMS Info Systems Reports Strong Q4 Revenue Growth at 6%
Mumbai-based CMS Info Systems Limited, a leading Indian business services firm, reported strong financial results for the quarter and year ended 31 March 2025. The company, which provides logistics and technology solutions to banks, retailers, and e-commerce firms, achieved a 6.5 per cent quarter-on-quarter revenue growth in Q4 FY25 to Rs 6,190 million.Key highlights include new order wins worth Rs 5,000 million in Q4, contributing to total annual wins of Rs 12,000 million. Operating cash flow to earnings before interest, tax, depreciation and amortisation (EBITDA) stood at 76 per cent, with c..
Next Story
Kolkata鈥檚 luxury housing market sees price growth amid mixed trends
A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..
