Stamp duty amnesty in Maharashtra extended to June 2024

19 Mar 2024 CW Team

The Maharashtra government has extended the stamp duty amnesty scheme for the third time, offering relief to property owners until 30 June 2024.

The decision to extend the scheme was formalised through an order that stated, "...And whereas, the Government of Maharashtra considers it expedient to amend the said Order to extend the period of the second phase from the 1 March 2024 till the 30 June 2024 for the said Amnesty Scheme-2023."

The 'Mudrank Shulakh Abhay Yojana' or Stamp Duty Amnesty Scheme was launched in December 2023 to encourage buyers to settle outstanding stamp duty dues by offering discounts on penalty fees related to delayed payments.

Phase one commenced on 1 December 2023 and ended on 31 January 2024. Phase two began on 1 February 2024 and is scheduled to conclude on 31 March 2024.

Experts view this decision as a stimulus for the real estate market, expecting increased property registrations and revenue collections. Anuj Puri, Chairman of ANAROCK Group, stated, "The Maharashtra government's decision to extend the stamp duty amnesty scheme aims to stimulate the real estate market by making transactions more financially viable for buyers."

Prashant Sharma, President of NAREDCO Maharashtra, echoed similar sentiments, saying, "Extending the stamp duty amnesty scheme till 30 June 2024 by the Maharashtra government is a prudent move that will provide much-needed relief and support to the real estate sector."

Samantak Das, Chief Economist and Head of Research at JLL India, emphasised the importance of availing the scheme responsibly, stating, "This extension allows for more flexibility for those looking to avail this amnesty scheme. It is always advisable to pay the appropriate stamp duties on registration and within time to ensure legal rights are adequately protected."

Extending the stamp duty amnesty scheme is a positive step towards facilitating property transactions and promoting economic growth in Maharashtra.?

The Maharashtra government has extended the stamp duty amnesty scheme for the third time, offering relief to property owners until 30 June 2024. The decision to extend the scheme was formalised through an order that stated, ...And whereas, the Government of Maharashtra considers it expedient to amend the said Order to extend the period of the second phase from the 1 March 2024 till the 30 June 2024 for the said Amnesty Scheme-2023. The 'Mudrank Shulakh Abhay Yojana' or Stamp Duty Amnesty Scheme was launched in December 2023 to encourage buyers to settle outstanding stamp duty dues by offering discounts on penalty fees related to delayed payments. Phase one commenced on 1 December 2023 and ended on 31 January 2024. Phase two began on 1 February 2024 and is scheduled to conclude on 31 March 2024. Experts view this decision as a stimulus for the real estate market, expecting increased property registrations and revenue collections. Anuj Puri, Chairman of ANAROCK Group, stated, The Maharashtra government's decision to extend the stamp duty amnesty scheme aims to stimulate the real estate market by making transactions more financially viable for buyers. Prashant Sharma, President of NAREDCO Maharashtra, echoed similar sentiments, saying, Extending the stamp duty amnesty scheme till 30 June 2024 by the Maharashtra government is a prudent move that will provide much-needed relief and support to the real estate sector. Samantak Das, Chief Economist and Head of Research at JLL India, emphasised the importance of availing the scheme responsibly, stating, This extension allows for more flexibility for those looking to avail this amnesty scheme. It is always advisable to pay the appropriate stamp duties on registration and within time to ensure legal rights are adequately protected. Extending the stamp duty amnesty scheme is a positive step towards facilitating property transactions and promoting economic growth in Maharashtra.?

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