Stamp duty is increased by Mumbai government
As the state government of Maharashtra has proposed a hike in the stamp duty of the property transaction, the buyers of the residential and non-residential properties in Mumbai will have to pay a five per cent stamp duty on the market value of the property.
Earlier, the stamp duty in Mumbai was charged at Rs 7,600 but it has now increased to Rs 25,000 per transaction or a 3.48 per cent extra for transactions up to Rs 5 lakh.
With this decision the analysts expects that more and more tenants in cities like Mumbai and Pune would prefer owned properties rather than leased properties, as this would make more financial sense.
Developers in Mumbai have said that this amendment will mot have much impact on the cost of the property, but the sentiments of the buyers will definitely go in opposite direction. They also feel that this amendment may not hamper the buying decision of the home buyers within the city limit but, the effect will be seen for rural level projects.
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Properties in Delhi cannot be sold through Transfer of General Power of Attorney
Source: Economic Times
Developers in Mumbai, Government of Maharashtra, Leased properties, property transaction, Residential properties, Stamp duty, stamp duty in Mumbai, State government
[...] stamp duty rates are very high and also not appropriate with the current scenario of the real market. As a [...]