Maharashtra Slashes Stamp Duty & Registration Rates to Boost Realty

The Maharashtra government has decided to slash stamp duty and registration charges to boost the ailing property sector. State revenue minister Balasaheb Thorat has said that the developers body and various stake holders had approached him demanding reducing the stamp duty and registration charges. He said that presently the Maharashtra government charges a six per cent stamp duty against a total cost of the flat and one per cent stamp duty or Rs 30,000 registration which is lower. "We will hear out all stakeholders and consult chief minister Uddhav Thackeray after which an appropriate decision will be taken to boost the real estate sector and economy. We have already taken several measures for hassle-free registration like giving online registration rights to developers who can do registration of their customers by sitting in their offices," the minister said. In the lockdown period, Maharashtra has lost more than Rs 2000 crore revenue that generally generated through the stamp duty and registration.