Maharashtra revises stamp duty rates for select transactions and approves 256 acres of land for Dharavi redevelopment, aiming to boost affordable housing.
Revised Stamp Duty Rates for Select Transactions
On September 30, the Maharashtra government announced changes to the stamp duty rates for specific property transactions. These revisions primarily affect the registration of documents related to work contracts, mergers, and property amalgamations. Previously, a fixed stamp duty of ₹500 was applied to such transactions. With the new revision, the stamp duty will be calculated based on the market value of the company’s fixed and moving assets, reflecting the scale of the transaction.
Increased Stamp Duty for Slum Rehabilitation Projects
In a move aimed at raising revenue, the state government also increased the stamp duty for documents related to slum rehabilitation projects. Previously, these documents attracted a nominal fee of ₹100. Going forward, this rate has been raised to ₹500. This increase will impact all registrations under the Slum Rehabilitation Authority (SRA) scheme, among others. Additionally, the stamp duty for articles of association for companies has been increased to 0.3% of the value, with a maximum cap of ₹1 crore, compared to the earlier limit of ₹50 lakh.
No Change for Homebuyers
For individual homebuyers, the government has decided to keep the existing stamp duty rates unchanged. Currently, the rate in Mumbai stands at 6% of the total property value, with a reduced rate of 5% for women buyers. These rates vary slightly between cities. The registration fee remains at 1% for properties valued up to ₹30 lakh, and ₹30,000 for properties priced above ₹30 lakh.
Approval for Acquisition of Salt-Pan Land for Dharavi Redevelopment
In a significant step for Mumbai’s urban redevelopment, the Maharashtra government approved the acquisition of 255.9 acres of salt-pan land from the Central government. This land will be used for the Dharavi redevelopment project, the country’s largest slum rehabilitation effort. The land is intended to provide housing for individuals who were deemed ineligible for the redevelopment scheme led by the Adani Group. This move aims to create affordable housing solutions in the area.
New Rental Housing Scheme for Dharavi’s Ineligible Slum Dwellers
To address the housing needs of slum dwellers who are not eligible under the current Dharavi redevelopment scheme, the Maharashtra cabinet has approved a new rental housing plan. The authorities have been tasked with completing a survey to identify both eligible and ineligible residents of Dharavi. The rental housing scheme will be developed specifically for those deemed ineligible, offering them an alternative housing option within the scope of the project.
This comprehensive revision of stamp duty rates and the approval for acquiring additional land for Dharavi’s redevelopment signals the Maharashtra government’s commitment to addressing urban housing challenges, while also streamlining property-related transactions in the state.