Maharashtra: Stamp duty waiver not to continue, ready reckoner rates stay unchanged

The Maharashtra state government announced it would not extend the 2% stamp duty waiver on property registrations, an initiative that had boosted the real estate sector after the pandemic-induced lockdown, but kept the Ready Reckoner rates unchanged for the 2021-22 financial year.

On a brighter note, the 1% stamp duty waiver for women home buyers, as announced in the state budget on March 8, would come into effect from Thursday. The concession is only for residential units and not for plots of land. Besides, the concession will not be applicable if there is a male co-owner of the unit. The state government had in August 2020 announced a 3% waiver on stamp duty from September to December and subsequently a 2% waiver from January-March in 2021 to boost the realty sector during the pandemic. The waiver had led to a significant upswing in property registrations.

The RR rates, which were revised six months ago, would be continued with for this financial year, stated the circular issued by the government on Wednesday evening.

State revenue minister Balasaheb Thorat tweeted that the regular rates would be applicable from April1.

State Inspector General of Registration and Stamps Shravan Hardikar said that according to the government’s direction, the Annual Statement Rate for 2021-2022 would be the same as it was in 2020-21. The RR rates for residential and commercial properties are announced on Apri l1ever year. In 2020, the revised rates were announced in September because of the Covid-19 pandemic.

On an average, the RR rates were increased by 1.74% last year. The highest average increase (3.91%) in the RR rates was registered in Pune district. 

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