In A Relief For Property Owners, Maharashtra Extends Stamp Duty Amnesty

In A Relief For Property Owners, Maharashtra Extends Stamp Duty Amnesty

The deadline has now been pushed to the 30th of June.

Juviraj AnchilUpdated: Monday, March 18, 2024, 01:20 PM IST
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Representative Image | File

In a development, that is expected to benefit and espouse stakeholders in the real estate business, the Maharashtra government has decided to extend the Stamp Duty Amnesty for the third time.

The deadline has now been pushed to the 30th of June.

Abhay Yojana or what is otherwise known as the Maharashtra Stamp Duty Amnesty Scheme offers reduced stamp duty and penalties on documents executed between January 1, 1980, and December 31, 2000.

The scheme was introduced into the system in December 2023. The scheme was designed to induce a surge progress in the sector by allowing property owners to settle outstanding stamp duty. The government, through the scheme deployed discounts on penalty, connected to the delayed payments.

Measure to Impact Registrations

This in turn could lead to an increase property registrations in the state. This would impact, one of the biggest real estate arena in the country, Mumbai, along with its satellite cities including Thane.

This would be felicitated by allowing property owners to obtain bank loans against their priced physical asset on which stamp duty is pending.

This in the recent past has resulted in greater compliance to the nominal penalty and the subsequent regularization of deals, leading to an uptick in registration in both commercial and residential segments.

This in addition to measures by the regulatory bodies and introduction of ‘buy now, pay later’ schemes by builders, earlier this year has also contributed the uptick in registration.

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