In a major setback to homebuyers in Mumbai, the state government has introduced an additional one percent stamp duty to be collected as a surcharge on property transactions.
According to Mumbai Mirror, after the additional one percent, the stamp duty in Mumbai will now increase to six percent of the property transaction amount. The state government has issued this notification on Monday and is effective from February 8. The government expects to generate more than Rs 1,000 crore through this move, which will be used to fund major infrastructure projects in Mumbai.
This revenue will be collected by the Stamps and Registration Department and passed on to the Mumbai Metropolitan Region Development Authority (MMRDA), via the Urban Development Department. The Maharashtra government has undertaken ambitious and expensive projects like nine Metro routes, and the Versova-Bandra Sea Link (VBSL).
