Mumbai: 1% Metro Cess on Property Purchase Likely from April 1, Stamp Duty to Go Up
Meanwhile, on March 11 the state government will table the budget for the financial year 2022-23. Therefore, the incentives for real estate stakeholders and homebuyers are being looked at.
One per cent Metro cess on property purchase is likely to be imposed from April 1. The existing Maharashtra government resolution (GR) restricts the imposition of Metro cess till March 31. The decision was taken amid the pandemic situation. Now, if no new GR is issued then the Metro cess will come into force, said Shravan Hardikar, Inspector General of Revenue (IGR), Maharashtra.
Metro cess is a transport surcharge. It is one per cent of the property value, and is intended to be used for funding transport infrastructure projects in the cities such as Metros, bridges and flyovers.
Following this additional cess, the stamp duty will increase further. Currently, the stamp duty on property purchase is five per cent, and four per cent for women homebuyers. Meaning, the Metro cess will increase stamp duty to six per cent and five per cent subsequently.
Meanwhile, on March 11 the state government will table the budget for the financial year 2022-23. Therefore, the incentives for real estate stakeholders and homebuyers are being looked at.
The Free Press Journal had reported that property registrations in Mumbai city alone bring in a huge wealth. According to the data with the IGR and Controller of Stamps, Maharashtra, in the last 20 days of February, a total of 6,741 housing conveyance sales have been registered in Mumbai. This has led to a revenue generation of Rs 372.81 crore through five per cent stamp duty charges. Similarly, across Maharashtra, around 88,630 conveyance sales were recorded and while the revenue generated stood at Rs 1,362.43 crore.
Source - www.freepressjournal.in
