FCC

Pay just Rs1000 as stamp duty in self-redevelopment projects

2023-07-18

Instead of the current rate ranging between 5-7% of the total agreement value of the property, existing flat owners in self-redevelopment projects will now only be required to pay Rs 1,000 in stamp duty.

On Friday, the state government published a government resolution urging the promotion of self-redevelopment initiatives throughout Maharashtra. The GR, however, made it clear that stamp duty will be charged at the going rate to buyers of units in self-redeveloped projects who acquire them off the open market.

Representatives of the State Housing Federation claimed that the decision would unquestionably help 30-year-old housing societies pursuing self-redevelopment. Previously, apartment owners in these projects had to pay double the stamp duty.

According to Advocate Shreeprasad Parab, director of the state housing federation, "Flat owners in such projects were made to pay around 5-7% of the market value depending on the city and district as stamp duty, which has now been reduced to just Rs 1,000."