Maha govt extends stamp duty waiver period for resale properties

The Maha Vikas Aghadi (MVA) government has extended the period for stamp duty waivers for investors who would sell their properties in a year of buying to achieve the benefit of the stamp duty waiver. Recently, the state legislative assembly passed the bill for the same. Now, the investors can earn a stamp duty waiver even on a resale property within three years of purchasing. For such deals, stamp duty is payable only on the price difference of the property besides the whole amount. According to the Real Estate Regulatory Authority (RERA) Act, it takes three years to complete the project as per the mandated conditions and regulations under the RERA Act. Presently, if an investor buys a flat in an apartment and resales within a year, some waiver is given in the stamp duty by charging it only on the price difference. As per the bill, since one year did not help earn many profits through such a deal post-Covid-19 pandemic, the number of such resales that earned any such benefit is minimal. As per the bill, if one year is extended up to three years, for the waiver to be earned, the benefit will be availed by more investors. It will enhance the number of investments and also the sale-purchase deals, benefiting the huge revenue that the state earns through the stamp duty on properties. The bill suggests that this initiative will encourage the real estate segment and the construction business and provide more employment opportunities for the youths in the state. State Revenue Minister, Balasaheb Thorat, said that the decision would encourage investors to boost their real estate deals, in return, generating revenue and employment in the state. Image Source Also read: Maha realtors to halt construction as raw material costs skyrocket