The new year is unlikely to bring a smile on the faces of prospective flat buyers across the state in view of the steep hike in the stamp
duty, which has come into force with immediate effect.
In Mumbai, the increase will be between 10% and 20%, while in other parts of the state, including Pune, Konkan, Nagpur, Amravati, Aurangabad and Nashik, it will be more than 20%. “We have issued a new notification for the revised stamp duty. It’s based on the actual market prices in the real estate. The new stamp study structure has come into force with immediate effect. Following the upward revision, we expect to mobilise additional Rs 2,000 crore in the next financial year,’’ a senior revenue official told TOI on Thursday.
The stamp duty is based on the actual market prices of real estate. Owing to the dismal financial situation in 2008, it was not revised in 2009. However, the rate was revised as 2009 witnessed massive transactions in the real estate sector. “It’s based on actual market prices. In 2009, not only the metropolis but all over the state, there was an upward trend in property transactions,’’ he said.
About the stamp duty structure in Mumbai, the official said there were a total of 709 zones, which were taken into consideration before the ready reckoner rates were decided. Of the 709 zones, 530 will witness a 10% rise in stamp duty, while in the remaining 164 zones, it will be between 11% and 20%. In Pune, of the 1,730 zones, there will be a hike of up to 10% in 1,129 zones, while the remaining 601 will witness an increase of an amount between 11% and 20%.
In Konkan, Nagpur, Amravati, Aurangabad and Nashik, the rise will be even more, while in Nagpur, all the 694 zones will have a 20% rise. In rural parts of Maharashtra, the rates will be increased by 10%, in municipal council areas, it will be 12%, while in municipal corporation areas, it will be 10% to 20%.