9 September 2020
The Revenue and Forest Department of Maharashtra has, by its notification dated August 29, 2020, reduced the stamp duty applicable on a conveyance of and an agreement to sell an immovable property as follows:
(a) For the period from September 1, 2020 to December 31, 2020: In Mumbai District and Mumbai Suburban District, the stamp duty is reduced by 3% and in the rest of the State of Maharashtra, the stamp duty is reduced by 2%; and
(b) For the period from January 1, 2021 to March 31, 2021: In Mumbai District and Mumbai Suburban District, the stamp duty is reduced by 2% and in the rest of the State of Maharashtra, the stamp duty is reduced by 1.5%.
This reduction will bring relief to the real estate sector, which is witnessing diminishing sales and is reeling from the effects of Covid-19. In the absence of any specific restriction under the aforesaid notification, it appears that the benefit of the reduced stamp duty rate will apply to both residential and commercial properties.
For further information, please contact:
Zia Mody, Partner, AZB & Partners
zia.mody@azbpartners.com
