Stamp duty for the state of Maharashtra to remain unchanged for now. Amidst coronavirus lockdown the ready reckoner rates won’t be published on March 31.
By Varun Singh
Stamp duty will not change for the state of Maharashtra for time being. The reason behind the no-change in stamp duty is that the ready reckoner rates won’t be published on March 31.
Balasaheb Thorat, the state’s Revenue Minister took to social media to announce ready reckoner rates won’t be published on March 31.
Thorat in his tweet said, “Every year on March end, the ready reckoner rates are announced, however, this year, as most officials from revenue department are busy with work related to tackling of coronavirus. The ready reckoner rates won’t be published on March 31. The rates will be published once the coronavirus fear subsides.”
Ready reckoner rates are announced by state government on a yearly basis. This are the rates, based on which a homebuyer has to pay stamp duty to the state government during registration of his or her flat.
Because of the deadly coronavirus fear, the entire country is under lockdown. There are various demands from the public, and even from the real estate industry. The demands even include that government should defer EMI payments.
Earlier the deputy chief minister of state Ajit Pawar during the budget presentation had reduced the stamp duty by 1% in Mumbai Metropolitan Region, Municipal corporations of Pune, Nagpur and Pmipri Chinchwad.
The budget stated, “One per cent concession, for the next two years, in the Stamp Duty and other related changes applicable on registration of documents in the area of Mumbai Metropolitan Region Development Authority and in the areas of Municipal Corporations of Pune, Pimpri- Chinchwad and Nagpur.”
With the stamp duty rates being unchanged this will be a relief for the real estate industry. However, the minister’s complete message also says that post coronavirus scare is gone, the new rates will come in, which means the rates shall not remain unchanged for long time,
