The stamp duty in Maharashtra is expected to be hiked by 1 per cent from April 1, 2023, reported Loksatta. It is also expected that the new rates of ready reckoner will also come into effect.
Despite the huge strain on the state's exchequer, Deputy Chief Minister and Finance Minister Devendra in the budget refrained from announcing a hike in stamp duty or taxes. But now the proposal to increase the stamp duty is taken into consideration, reported Loksatta quoting high-ranking sources.
Stamp duty in Mumbai, Pune
This indicates a possibility that the cost of houses will be increased. If the proposal is approved then the stamp duty in Mumbai will be hiked to seven per cent from its earlier six per cent. The stamp duty in Pune, Thane and Navi Mumbai will go up to eight per cent.
In case one per cent Local Body Tax and metro surcharge are applicable the stamp duty will be at eight per cent whereas if LBT is not applicable then the stamp duty will be at seven per cent.
Ready Reckoner rates
The report also added that the rate of recalculator has also been reviewed. The ready reckoner will increase in any areas of the big cities in the state.
The state exchequer has been on a huge financial burden and the government has no option but to increase the stamp duty rate. Although the Goods and Services Tax (GST) revenue in increasing the fiscal deficit will move up to Rs 95,000 crore.
The major sources of income for the state are stamp duty and taxes on cigarettes and liquor. This is why the state is considering hiking stamp duty.
The banks have this month increased their interest rates making loans more expensive for the common people, but if the read reckoner rate is increased then the houses will become even more expensive.
