Realty developers urge Maharashtra government to cut stamp duty

MUMBAI: Real estate developers in Mumbai Metropolitan Region (MMR) have urged the state government to reduce stamp duty to 1% for 4 months to provide stimulus to home buying in the region.

Currently, stamp duty in Maharashtra’s key property markets is 5% after the state government last month provided 1% concession on the from April 1. The concession is applicable to Mumbai Metropolitan Region, Pune, Nagpur and Pimpri Chinchwad for a period of two years.

Realty developers’ body CREDAI MCHI, has written to Maharashtra’s revenue minister Balasaheb Thorat, requesting reduction in the stamp duty on development agreement, joint ventures, joint developments to 1% for the next one year.


This, according to the body, will encourage developers form alliances and develop the land parcels together in this tough business environment.

“In the midst of an economic disruption, Indian Real Estate has suffered extensively and needs critical intervention from the Maharashtra Government for its survival. We also request the authorities to share a stimulus package to alleviate fears of job loss in the industry, with lacs of workers directly or indirectly dependent of the industry,” said Nayan Shah, president, CREDAI-MCHI.