In Mumbai alone, over 5,791 sale conveyance deeds were recorded by the mid of February according to the data available with the Department of Registration and Stamps, government of Maharashtra. Following the whopping sale of houses, the state exchequer has made about Rs 206.94 crore from stamp duty fees. The state government had declared 3 per cent stamp duty fees on every purchase of a property up till March 31. Earlier, the discount offer was 2 per cent. In the state, the overall 90,904 conveyance sale generated a revenue of around Rs 7,44.44 crore.
The reduction in stamp duty from the previous 5 per cent to 2 and 3 per cent subsequently yielded encouraging reaction from homebuyers. Besides, several developers also offered zero stamp duty on purchase of property in their respective project apart from offering other gifts and discounts. Thus, buyers also found to be making the best use of the available benefits.
Reportedly, December, 2020, recorded the highest sale of houses. With just 2 per cent stamp duty benefit, about 18,000 sale conveyance deeds were registered from Mumbai alone. This resulted in an upward trend in the realty industry. Maharashtra government also offered a 50 per cent discount on premium payments to builders. However, one has to give zero stamp duty benefit to buyers to avail this percentage.