Maharashtra cuts stamp duty for self-redevelopment of old buildings

17 Jul 2023 CW Team

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.

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