Maharashtra govt’s stamp duty amnesty extension to help redevelopment projects
Stamp Duty Amnesty Scheme 2023 for the third time and the move is expected to provide further support to redevelopment projects.
The scheme that allows property buyers, who have either not paid or paid insufficient stamp duty on their purchase agreements, to regularize the sale by paying duty with a nominal penalty, has now been extended until June 30.
The extension of the scheme is expected to inject renewed vigor into the real estate market, especially redevelopment projects that usually get stuck or delayed if an existing resident’s property falls in this category and is awaiting regularization.
“The extension of the scheme will undoubtedly ease the financial burden on property owners and promote real estate transactions in the region. By reducing transaction costs associated with property transactions, the government is fostering a conducive environment for growth and development in the real estate sector,” said Prashant Sharma, President, NAREDCO Maharashtra
The stamp duty amnesty scheme has had a significant impact on property transactions across Maharashtra as property owners that were looking to sell the property so far were able to do so pending regularization of their earlier agreements.
With the deals getting regularized with a nominal penalty, property registrations have witnessed a marked increase in both residential and commercial real estate segments.
«The extension will provide much-needed breathing space for developers engaged in complex redevelopment endeavors, ensuring they can navigate
