Mumbai, the financial capital of India, saw huge surge in property registration numbers in February, thanks to stamp duty cut
To cheer women homebuyers, Maharashtra government on Wednesday announced 1% concession on stamp duty over the prevailing rates. The rebate in stamp duty charges will be provided if the transfer of house property or registration of sale deed is in the name of a woman, the government said.
“On International Women’s Day, I propose concession in stamp duty of 1% over the prevailing rate exclusively to women, provided the transfer of house property or registration of sale deed is in the name of woman or women only,” Maharashtra finance minister Ajit Pawar said while presenting the state Budget on Wednesday.
“Due to this concession, there will be revenue shortfall of around ₹1,000 crore,” he added.
To boost the ailing real estate industry amid coronavirus pandemic, the Maharashtra government in August announced to cut stamp duty on housing units from 5% to 2% until 31 December, 2020. From January 1 to 31 March, 2021, the stamp duty charges were reduced to 3%.
Mumbai, the financial capital of India, saw huge surge in property registration numbers in February. Over 10,000 housing units were registered in Mumbai in February, the data revealed.
In February 2021, properties worth ₹11,745 crore were sold in Mumbai, up by 34% year-on-year, according to data shared by Propstack. The total value of properties in September stood at ₹9,025 crore; ₹11, 640 crore in October; ₹14,395 crore in November; ₹34,025 crore in December 2020; ₹10,170 crore in January, Propstack mentioned.
“The Maharashtra government’s announcement of a 1% rebate on stamp duty and registration of properties registered in the name of a woman will give a further boost to the housing sales in the state, it will help empower women. This is an apt gift for Women homebuyers on International Women’s Day. We have seen the impact of a cut in stamp duty in 2020, the latest announcement is expected to boost the momentum,” said Krish Raveshia, chief executive officer at Azlo Realty.
“With a high number of women homebuyers seen in the past, this step will help prospective homebuyers,” he added.
“The move is beneficial to the real estate sector because the number of women looking for property has been steadily growing. We are hopeful that other states will follow suit,” commented Mani Rangarajan, Group COO, Housing, Makaan and Proptiger.