From April 1, 2023, government has proposed 1% increase in the stamp duty in Maharashtra, as per recent reports. This proposed hike would raise the total stamp duty in the state from 6% to 7%. In addition, stamp duty in Navi Mumbai, Thane, and Pune would also increase to 8%. If the state government levies Local Body Tax and Metro surcharge, the stamp duty might further rise to 8%, but it would remain at 7% if LBT is not imposed. This potential hike could result in increased costs for purchasing homes across Maharashtra.
In a significant verdict, the Bombay High Court has ruled that residents of a redeveloped housing society will no longer be required to pay stamp duty for the allotted permanent accommodation as part of the project. The ruling has brought significant relief to the real estate sector in Maharashtra and put an end to long-drawn litigation. The court has also eliminated earlier circulars that required a Permanent Alternate Allotment Agreement (PAAA) executed between the developer and society members to be stamped again, even though the development agreement between the developer and the society had already been stamped. This decision has created a more transparent regime in this regard.
Stamp Duty in Mumbai
