Home Breaking News Stamp duty on property registrations increased in Mumbai, three other cities

Stamp duty on property registrations increased in Mumbai, three other cities

by Times One Odia
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If you are planning to buy a plot or a flat in Mumbai, Thane, Nagpur and Pune, then be prepared to shell out more than your estimated budget, as the Maharashtra government has decided to resume collecting one per cent metro cess on property purchases from Friday (April 1) in these cities. The decision was taken as the state decided to lift all Covid-19 restrictions, news agency PTI quoted officials as saying.

The latest development means stamp duty on property registrations will be increased by one per cent. The Maharashtra government had taken a decision in February 2019 to levy one per cent metro cess on property purchases in the four cities. But its implementation was stayed after a year due to the outbreak of Covid-19 in March 2020, Bhushan Gagrani, principal secretary (urban development), said.

“This is not a new decision. We are reviving the earlier decision, which had to be discontinued due to the pandemic,” PTI quoted Gagrani as saying.

“Our target is to get revenue of ₹700 crore to ₹800 crore annually. Till March 2020, we got revenue of approximately ₹500 crore to ₹550 crore,” he said.

The cess is intended to fund transport infrastructure projects in these four cities.

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