On Wednesday the Maharashtra government decided to temporarily cut stamp duty on flats to 2% till December 31. This has been done to help revive the ailing real estate sector.
Following that, for another three months, till March 31, 2021, the stamp duty will be 3%.
Till now, the stamp duty charges in Mumbai and Pune had been at 5%. As The Free Press Journal had noted in an earlier report, this had been a possibility that both the Karnataka and Mumbai government had been mulling in recent days.
For a Mumbai flat that has a saleable value of around Rs 75 lakh, a two% cut in stamp duty would translate to about Rs 1.5 lakh in savings.
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