Nominal Stamp Duty for Maha Redevelopment Projects

After cutting premium charges on redevelopment projects of its colonies in the city, Maharashtra Housing and Area Development Authority (MHADA) now wants the state government to charge nominal stamp duty on tripartite agreements signed between them, the developer and residents of the colony for redevelopment of its colonies spread across the state. A letter written by MHADA’s vice-chairman and chief executive officer (CEO) Milind Mhaiskar to the state government read, “In order to give impetus to redevelopment projects and make them economically viable, it is necessary to charge only nominal stamp duty of Rs 1,000 for tripartite agreement.” Mhaiskar also said, “The state government has already issued government resolution(GR) giving similar facility for redevelopment of old buildings owned by the Municipal Corporation of Greater Mumbai (MCGM) in South Mumbai. So the state government should extend the facility to MHADA colonies as well.”