Maharashtra cuts stamp duty for self-redevelopment of old buildings
Real Estate

Maharashtra cuts stamp duty for self-redevelopment of old buildings

The Maharashtra government has announced that registered cooperative housing societies that choose to self-redevelop will only be required to pay Rs 1,000 as stamp duty for allotment of apartments in the newly constructed building to existing flat owners, making self-redevelopment of old buildings in Maharashtra more financially viable.

Depending on the city and district, the standard stamp duty ranges from 5 to 7 percent of the entire agreement value. Currently, the Pradhan Mantri Aawas Yojana (PMAY), the Central Government's affordable housing program, imposes a Rs 1,000 stamp fee on apartment purchases.

Now that the government resolution (GR) has been published by the Maharashtra Revenue Department, societies that engage in self-redevelopment will also be charged in accordance with the same guidelines.

The GR, however, made it clear that buyers of apartments in self-redeveloped communities who purchase them on the open market will be required to pay stamp duty at the current market rate. Additionally, current members who choose to purchase additional space from their society will be required to pay stamp duty at the going market rate.

Devendra Fadnavis, the deputy chief minister of Maharashtra, had ordered the state administration to expedite the implementation of the self-redevelopment program that the cabinet had authorized back in 2019. Additionally, it was agreed to create a single-window clearance specifically for self-redevelopment in Mumbai, with a three-month turnaround time for applications.

See also:
Pradhan Mantri Awas Yojana builds 30 million+ houses
500 slabs are cast by CIDCO for PMAY project in 489 days


The Maharashtra government has announced that registered cooperative housing societies that choose to self-redevelop will only be required to pay Rs 1,000 as stamp duty for allotment of apartments in the newly constructed building to existing flat owners, making self-redevelopment of old buildings in Maharashtra more financially viable. Depending on the city and district, the standard stamp duty ranges from 5 to 7 percent of the entire agreement value. Currently, the Pradhan Mantri Aawas Yojana (PMAY), the Central Government's affordable housing program, imposes a Rs 1,000 stamp fee on apartment purchases. Now that the government resolution (GR) has been published by the Maharashtra Revenue Department, societies that engage in self-redevelopment will also be charged in accordance with the same guidelines. The GR, however, made it clear that buyers of apartments in self-redeveloped communities who purchase them on the open market will be required to pay stamp duty at the current market rate. Additionally, current members who choose to purchase additional space from their society will be required to pay stamp duty at the going market rate. Devendra Fadnavis, the deputy chief minister of Maharashtra, had ordered the state administration to expedite the implementation of the self-redevelopment program that the cabinet had authorized back in 2019. Additionally, it was agreed to create a single-window clearance specifically for self-redevelopment in Mumbai, with a three-month turnaround time for applications. See also: Pradhan Mantri Awas Yojana builds 30 million+ houses 500 slabs are cast by CIDCO for PMAY project in 489 days

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code