Stamp duty cut boosts property registration in Mumbai: Naredco

February witnessed over 10,000 housing units registered in Mumbai, almost equivalent to January, on the back of stamp duty cut by the Maharashtra Government.

On August 26 last year, the Maharashtra Government had decided to reduce stamp duty on housing units from 5 per cent to 2 per cent until December 31, 2020 to boost stagnant real estate market. The stamp duty from January 1 this year until March 31 is 3 per cent.

As per the Government data by IGR (Inspector General of Registration) Maharashtra; September saw registration of 5,597 properties, October 7,929, November 9,301, December 19,584 and January 10,412 whereas February saw 1,01,70 properties being registered.

Commenting on the robust numbers, Ashok Mohanani, President, Naredco Maharashtra, said, “The consumers have grabbed the golden opportunity to purchase properties in the last few months as the bank loan interest rates are at an all-time low coupled with great property prices and reduced stamp duty benefits. Similarly, we anticipate robust sales this month too which will be equivalent to December 2020 as the consumers will try to avail of 3 pc stamp duty benefit before March 31.”