Maharashtra offers 1% stamp duty concession for women buyers

The Maharashtra government, in its budget for 2021-22, announced a concession of 1% over the prevailing stamp duty rate on property transactions, if the transfer of house property or registration of sale deed, is done in the name of women. The announcement was made by deputy chief minister Ajit Pawar, on March 8, 2021. Consequently, women buyers will now pay only 2% of the property value as the stamp duty. The move has been welcomed by the industry. “Majority of women are buying homes now, not only as an investment but also for financial security. This step by the government, ratifies their support towards female home buyers. It will also help provide security to dependent women, as more men will buy houses in the name of the women in their families,” said Ram Raheja, director, S Raheja Realty. “Modern-age women portray strong desirability to own a home and the rebate in stamp duty is a great move that will boost housing sales and make women take the leap from being home-makers to bread earners and now, proud home owners,” said Raunika Malhotra, president, marketing and corporate communications, Lodha. “Women have long been recognised as an important part of the decision-making, when it comes to selecting a home. Today, women are independent, empowered, educated and employed. The state acknowledging this and making way for women to be more empowered, is a move in the right direction. The announcement in the state budget, on reduction in stamp duty for women home buyers, has come as a perfect celebration for Women’s Day, which will encourage them to invest in real estate,” said Shraddha Kedia-Agarwal, head, marketing and sales, Transcon Developers. “The government has taken measures to encourage women to invest in real estate, by providing concession on stamp duty, if any house is purchased solely in the name of the woman. It is a pleasant coincidence that the measures given to women in real estate came on Women’s Day,” added Himanshu Jain, VP, sales, marketing and CRM, Satellite Developers. However, in spite of the intense demand from the industry, to continue with the temporary stamp duty rate reduction that expired on March 31, 2021, the state has withdrawn the benefit. Consequently, buyers will now pay 5% stamp duty on property purchases, beginning April 1, 2021. The 1% reduction offered to women buyers will, however, continue. Recall here that during the period for which the stamp duty reduction remained in effect, housing sales increased month-on-month in the state. Data available with the Inspector General of Registration (IGR), Maharashtra, show that during the period between September 2020 and March 2021, when the stamp duty cut was effective, as many as 80,718 properties were registered in Mumbai alone, a growth of 114% against the same period last year. “On behalf of the real estate fraternity, we urge the government to extend the reduced 3% stamp duty charges for another two quarters, so that we can continue to encourage the home buyers to invest in their dream homes,” Ashok Mohanani, president, NAREDCO-Maharashtra had said earlier. Source: Housing.Com