Mumbai: Registered co-operative housing societies going in for self-redevelopment will have to pay only Rs1,000 towards stamp duty while allotting flats in the new buildings.
On Friday, the Maharashtra government issued a government resolution to its effect and is applicable to the existing flat owners of self-redeveloped registered co-operative housing societies.
Prevailing ready reckoner rate
So far, existing flat owners in such buildings had to shell out up to 7% of the agreement value, as per the prevailing ready reckoner rate. However, flat purchasers buying a property in such a self-redeveloped building will continue to pay the existing stamp duty, clarifies the government resolution.
The stamp duty for home buyers under the Pradhan Mantri Awas Yojana (PMAY) – the affordable housing scheme of the Union government – is also Rs1,000.
On May 8, Deputy Chief Minister Devendra Fadnavis had directed the state’s administration to fast-track implementation of the self-redevelopment policy, which was approved way back in 2019. It was also decided to have a dedicated single window clearance in Mumbai for self-redevelopment, with a time bound processing of three months.
The state also plans to dole out loan subsidies in the interest of societies opting for self-redevelopment. A higher interest rate is one of the reasons behind the overall construction cost becoming unviable.
Approved way back in 2019
Also decided: Dedicated single window clearance in Mumbai for self-redevelopment
Promise: Time-bound processing of three months
State also plans to dole out loan subsidies in the interest of societies opting for self-redevelopment