To encourage women homebuyers, Maharashtra government declared a 1% stamp duty reduction over current rates on Wednesday. If the transfer of a house property or the registration of a selling deed is in the name of a woman, the government may offer a stamp duty rebate, according to the government. “On International Women’s Day, I propose a 1% reduction in stamp duty for women only, provided the transfer of house property or registration of sale deed is in the name of woman or women only,” Maharashtra finance minister Ajit Pawar said during the state Budget presentation on Wednesday.
The Maharashtra government declared in August last year, that stamp duty on housing units will be reduced from 5% to 2% until December 31, 2020, in order to improve the ailing real estate industry amid the coronavirus pandemic. The stamp duty charges were reduced to 3% from January 1 to March 31, 2021.
The Maharashtra government reduced stamp duty, which resulted in a big increase in property registration numbers in February, in Mumbai, the India’s financial capital. According to the numbers, over 10,000 housing units were registered in Mumbai in February. According to data shared by Propstack, properties worth Rs 11,745 crores were sold in Mumbai in February 2021, up 34% year on year. According to Propstack, the cumulative value of properties in September was 9,025 crores; 11,640 crores in October; 14,395 crores in November; 34,025 crores in December 2020; and 10,170 crores in January this year.
“The Maharashtra government’s announcement of a 1% stamp duty and registration rebate for properties registered in the name of a woman would help motivate women while also boosting housing sales in the state.” “The effect of a stamp duty reduction in 2020 has already been felt, and the new announcement is expected to add to the momentum,” said Krish Raveshia, chief executive officer of Azlo Realty. “Given the large number of female homebuyers in the past, this measure would benefit potential homebuyers,” he added. “Because the number of women searching for homes has been gradually increasing, the change is beneficial to the real estate industry. Other states may follow suit, which we hope will happen”, Housing.com, Makaan.com, and Proptiger.com Group COO Mani Rangarajan commented.
