Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
The Maharashtra government has reduced the stamp duty on the registration of 99-year lease agreements for cooperative housing societies on government land in Mumbai, lowering the rate to a maximum of 0.5% for residential properties and 1.5% for commercial properties. Revenue Minister Chandrashekhar Bawankule announced the decision in the state legislature in the past week, stating that it would provide financial relief to thousands of cooperative housing societies that had been unable to register lease agreements because of high stamp duty costs and procedural delays. The revised policy will apply uniformly across Mumbai city and suburban areas. The government has also waived the transfer premium for flats in the Bandra Kurla Complex (BKC) Reclamation area for transfers executed before 2015, benefiting around 1,500 flat owners across 91 properties.
The Maharashtra government has reduced the stamp duty payable on the registration of 99-year lease agreements for cooperative housing societies situated on government land in Mumbai, with the revised rates capped at 0.5% for residential properties and 1.5% for commercial properties. Revenue Minister Chandrashekhar Bawankule announced the decision in the state legislature in the past week, stating that the measure is intended to ease the financial burden on thousands of housing societies awaiting lease registration.
The announcement was made while responding to a calling attention motion raised by BJP MLA Atul Bhatkhalkar, who highlighted that many cooperative housing societies had been unable to register their lease agreements for several decades due to procedural hurdles and the high stamp duty payable under the earlier framework.
According to the minister, the revised policy is expected to provide significant relief to cooperative housing societies established on government land leased for 99 years. The concession is applicable to both Mumbai city and suburban areas, addressing concerns raised by legislators over the geographical scope of the revised rates.
Bawankule illustrated the impact of the revised policy by citing several housing societies. He said the stamp duty payable by Mittal Chambers Cooperative Society would decline from approximately INR 101.21 crore under the previous system to about INR 10.68 lakh. Similarly, New Maker Chambers would see its liability reduce from around INR 119.47 crore to INR 1.76 crore.
He added that Sea Lot Cooperative Housing Society in Colaba would pay approximately INR 27.05 lakh instead of INR 176.82 crore, while Abhilasha Premises Society in Colaba would see its stamp duty liability fall from around INR 104.83 crore to INR 19.45 lakh under the revised structure.
Apart from reducing stamp duty, the state government has also waived the transfer premium on flats located in the Bandra Kurla Complex (BKC) Reclamation area for transfers executed before 2015. According to the minister, the decision is expected to benefit nearly 1,500 flat owners across 91 properties by removing an additional financial burden associated with such transactions.
During the discussion, Speaker Rahul Narwekar, who represents the Colaba Assembly constituency, thanked the state government and the Revenue Minister on behalf of the affected property owners for introducing the relief measures.
The minister said the revised policy would provide substantial financial relief to hundreds of cooperative housing societies located in prominent parts of Mumbai, including Nariman Point, Cuffe Parade, Colaba, Marine Drive and several suburban localities. The changes are expected to facilitate the long-pending registration of lease agreements for societies occupying government-leased land while significantly reducing the cost of compliance under the state's stamp duty framework.
Source - PTI
Advertisement
Facebook
Whatsapp
