Stamp duty on property registrations increased in Mumbai, three other cities

GENLI.ORG

If you are planning to buy a plot or a flat in Mumbai, Thane, Nagpur and Pune, then be prepared to shell out more than your estimated budget, as the Maharashtra government has decided to resume collecting one per cent metro cess on property purchases from Friday (April 1) in these cities. The decision was taken as the state decided to lift all Covid-19 restrictions, news agency PTI quoted officials as saying.

The latest development means stamp duty on property registrations will be increased by one per cent. The Maharashtra government had taken a decision in February 2019 to levy one per cent metro cess on property purchases in the four cities. But its implementation was stayed after a year due to the outbreak of Covid-19 in March 2020, Bhushan Gagrani, principal secretary (urban development), said.

“This is not a new decision. We are reviving the earlier decision, which had to be discontinued due to the pandemic,” PTI quoted Gagrani as saying.

“Our target is to get revenue of 700 crore to 800 crore annually. Till March 2020, we got revenue of approximately 500 crore to 550 crore,” he said.

Also Read | Property tax collection in Mumbai up by nearly 10% in FY 2021-22

The cess is intended to fund transport infrastructure projects in these four cities.

Two years after restrictions were imposed on the public after the outbreak of the Covid-19 pandemic, the Maharashtra government has lifted the last remaining curbs, including the wearing of masks, which has now been made optional.

The curbs were lifted on Friday. The government has, however, added that masks, even though not compulsory, should still be worn “for the health and safety of all”. Vaccination will no longer be a requirement to travel in public transport or to visit restaurants and other public places.

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