Stamp duty cut! It’s time to move into your dream home
The perfect time and opportunity to move into your dream home at your luxury apartment in Pune!
The Maharashtra Government has declared that they are marking down the stamp duty on sale deed documents from September 1 to December 31, 2020, by three percent. This lowered tax will continue with a two percent cut between January 1 and March 31, 2021.
The reduced stamp duty will bring down the transaction cost for your dream home in real estate to a negligible expense.
What is stamp duty, and how exactly does it affect homebuyers?
A tax that is imposed on single property purchases is commonly referred to as stamp duty. Stamp laws are administered under the Indian Stamp Act and various State Stamp Acts and Rules.
But in simpler terms, Stamp duty is a tax applied to commercial and non-commercial transactions that create rights. And, the administration of such rights is required to be enforced by the State from time to time. It is basically a transactional tax that is collected by the government authorities on purchases of property.
From a simple employment contract to a sale deed for a house, stamp duty is required to be executed as per the law. The payment of stamp duty ensures that the State, and its dispute resolution mechanisms, will step in to protect your rights should there be any breach of them under that particular contract.
Maharashtra state’s stamp duty law is governed by the Maharashtra Stamp Act, 1958 (Bombay Act LX of 1958).
In order to revive the stagnant property market, the Maharashtra state cabinet has decided to cut off stamp duty on residential projects for the next seven months, starting this September. The duty will be reduced from the existing 5% to 2%, starting from September 1 and last till December 31.
It will further be clinched at 3% from January 1 till March 31, 2021. The decrease in stamp duty, though temporary, could be a substantial relief for you to be able to buy your dream home real estate.
For instance, your dream properties costing Rs. 1 crore currently imposes a state duty of Rs. 5 lakh. It will now be Rs 2 lakh between September and December end of this year, and Rs 3 lakh starting from January 1 to March 31, 2021, so that you can move into a new house with much more ease.
The cost of your dream properties generally increases because of stamp duty. Still, since the Maharashtra government has reduced the stamp duty for the next seven months, this will be a considerable respite for homebuyers to buy their luxurious apartments in Pune.
The residential project market is not likely to offer this palette of opportunity anytime soon – with rationalized pricing, an extension of credit linked subsidy scheme, lowest home loan interest rates, and now to put the sweetest cherry on top of the cake, lowered stamp duty rates.
Buy your luxury apartment in Pune at an affordable price and move into your dream home now, because this cannot get any better!
