Recently the government of Maharashtra has brought some latest news on stamp duty in Maharashtra. Maharashtra’s stamp duty and registration charges have been reduced to boost the real estate sector during the COVID-19 pandemic. A cabinet meeting was held on August 26, 2020. The stamp duty in Mumbai and various other cities in Maharashtra has been reduced in two verticals. Stamp duty rate in Mumbai and other parts has been reduced by 3% for a duration of September to December 2020. It will be applicable at 2% from January to March 2021.
Everybody and every sector were affected considerably by the pandemic in 2020. Most industries were left disrupted, but slowly and steadily, people are returning on track with adapting to the new normal, hoping for a better 2021. Maharashtra’s government is also working and looking for new ways to boost the economy again. The Stamp Duty reduction is one of the many measures introduced to help get the Real Estate sector back on track.
There's an act called The Maharashtra Stamp Act in which assets and instruments are specified liable for the stamp duty to be paid to the government. This act also limits the amount of stamp duty on the asset that needs to be paid to the government. So the government has reduced the stamp duty and registration charges in Maharashtra for a specific period, for better exchange of assets in real estate.
Below we state stamp duty applicable in Mumbai after March 2021:
In India, stamp duty charges vary from state to state, and in Maharashtra, the stamp duty differs from location to location within the region. Like a property located in the urban areas of the municipal limit in Mumbai will be 5% of the market value. And any property that comes under the municipal limit of the gram panchayat will be 3% of the market value.
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What is the Meaning of Stamp Duty and Registration?
Everybody and every sector were affected considerably by the pandemic in 2020. Most industries were left disrupted, but slowly and steadily, people are returning on track with adapting to the new normal, hoping for a better 2021. Maharashtra’s government is also working and looking for new ways to boost the economy again. The Stamp Duty reduction is one of the many measures introduced to help get the Real Estate sector back on track.
There's an act called The Maharashtra Stamp Act in which assets and instruments are specified liable for the stamp duty to be paid to the government. This act also limits the amount of stamp duty on the asset that needs to be paid to the government. So the government has reduced the stamp duty and registration charges in Maharashtra for a specific period, for better exchange of assets in real estate.
Stamp Duty Charges in Mumbai
Stamp duty rates differ in various regions according to the location and according to parameters like the market value, locality and various other criteria.Below we state stamp duty applicable in Mumbai after March 2021:
- 5% of the market value for areas inside the municipal limits of any urban area.
- 4% of the market value for properties within the limits of any municipal council or panchayat or cantonment board.
- 3% of the market value, if the property falls inside the limits of any gram panchayat.
How to Calculate Stamp Duty in Mumbai?
There are various ways through which stamp duty in Mumbai is calculated. The stamp duty is mostly calculated on the value, which is higher between the ready reckoner and the property’s value, prescribed in the buyer-seller agreement. In some instances, the market value can also be the agreement value, but the higher amount is taken for stamp duty computation.In India, stamp duty charges vary from state to state, and in Maharashtra, the stamp duty differs from location to location within the region. Like a property located in the urban areas of the municipal limit in Mumbai will be 5% of the market value. And any property that comes under the municipal limit of the gram panchayat will be 3% of the market value.
Online Stamp Payment
The Maharashtra Stamp Act allows people to pay the stamp duty online. So here we tell you some steps for online payment:- Visit the GRAS (Government Receipt Accounting System), the official portal for Maharashtra Stamp Duty Online Payment.
- You can fill in the login details if you are registered if not; you can also opt for 'Pay Without Registration'.
- If the 'Pay Without Registration' option is selected, you will be redirected to a page, where you need to select 'Citizen' and select the type of transaction you want to do.
- Select 'Make Payment to Register your Document'. After that, you can opt to pay for both stamp duty and registration, or else anyone of them.
- Fill in all the required details.
- Select the payment option, once paid, generate challan which needs to be presented at the time of deed execution.
Mahindra Vicino
The Maharashtra government has reduced the stamp duty and registration charges; you might be looking forward to leveraging the situation’s benefit. Finding a good deal in Mumbai is exceptionally challenging, but your problem might get solved if you look at Mahindra Vicino at Andheri. The project has impressive flats at Andheri East, and the significant benefit of Andheri is its connectivity with every location in Mumbai. The 2 BHK flats are spacious, and all are Vastu-compliant apartments.You can enjoy plenty of amenities like a spa, landscape garden, rooftop swimming pool, reflexology path, organic waste converter, multipurpose hall, open and indoor gym, and many other amenities.
Conclusion
The government has reduced the stamp duty and registration charges; this is the best time to put your hands in Mumbai's real estate sector. You would find some of the best deals. And Mahindra Vicino is one project that you can definitely think about booking while benefiting from this.
Tags:
Real-Estate