Real Estate Forum on Stamp Duty Hike In Nagpur

Latest Answer: Hi Everybody!!! Have you heard the latest updates on property tax in Maharashtra? Stamp duty hiked by 1% in Nagpur Metro Rail corridor by the urban development department.

Latest Answer: Good evening Hitesh and Meghna!!! The decision to hike stamp duty is very important for Nagpur Metro Rail Corporation Limited (NMRCL) as it will get half the revenue generated by levy of the 1% surcharge. The remaining 50% will go to Nagpur Municipal Corporation (NMC) or Nagpur Improvement Trust (NIT) depending on whose land the property lies. And secondly, this revenue will help NMRCL in repaying the 500 million Euro loan it has taken from German government agency KfW and the under consideration 130 million Euro loan from Agence Francaise de Developpement (AFD), a French institution.

Latest Answer: Right Hitesh........the Urban Development Department has finally cleared the proposal yesterday to increase stamp duty by 1% in Metro Rail corridor. The corridor is the area lying within 500 metres on both sides of the Metro track. The duty will now be 7.5% instead of 6.5%. The 1% registration charge (maximum Rs.30000) will remain unchanged. The stamp duty in the city except the area under Metro corridor will remain at 6.5%.

Latest Answer: Hi Everybody!!! Have you heard the latest updates on property tax in Maharashtra? Stamp duty hiked by 1% in Nagpur Metro Rail corridor by the urban development department.

Latest Answer: Hi Hitesh and Meghna!!! I think the decision to hike stamp duty is very important for Nagpur Metro Rail Corporation Limited (NMRCL) as it will get half the revenue generated by levy of the 1% surcharge. The remaining 50% will go to Nagpur Municipal Corporation (NMC) or Nagpur Improvement Trust (NIT) depending on whose land the property lies. And secondly, this revenue will help NMRCL in repaying the 500 million Euro loan it has taken from German government agency KfW and the under consideration 130 million Euro loan from Agence Francaise de Developpement (AFD), a French institution.