The increase is expected to mop up funds to finance ongoing transport infrastructure projects that will cost over Rs 75,000 crore. The Bill is likely to be introduced in the monsoon session starting July 24.
The BJP-led Maharashtra government is considering amending the Maharashtra Stamps Act, 1958 to impose one per cent stamp duty, over and above the existing 5 per cent on transaction of immovable properties in Greater Mumbai.
The increase is expected to mop up funds to finance ongoing transport infrastructure projects that will cost over Rs 75,000 crore. The Bill is likely to be introduced in the monsoon session starting July 24.
The move follows a 30 per cent cut in budgetary spending and austerity measures to implement the crop loan waiver scheme. "The proposed hike will help mobiliSation of an additional Rs 2,000 crore annually," said an official in Chief Minister Devendra Fadnavis' office. A similar proposal in October 2015 was never implemented. A Revenue Department official said that Maharashtra had collected Rs 21,010.13 crore in stamp duty in 2016-17, of which Rs 10,000 crore, was from Greater Mumbai.
Anuj Puri, Chairman, Anarock Property Consultants, said "It is discouraging that the government is not putting in more efforts to improve buyer sentiments rather than making such moves."
According to Chintan Sheth, Director, Sheth Corp, the proposed hike will have a significant impact on the market. ''Currently, Mumbai is one of the most expensive real estate markets, and this amendment will add to the woes of the buyers as there could be a potential increase in property prices," he told DNA. "Moreover, developers also stand to be affected as the cost of buying land will increase post the hike."
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