Stamp duty cut: About 9,000 houses sold in Mumbai in Jan

The reduction in stamp duty charges to three per cent from the previous five per cent up till March 31 this year has yielded good results for the struggling realty industry. According to the state revenue department, about 9,000 units have been sold until now. The whopping increase in the sale of houses in the city generated revenue of Rs 263.33 crore through stamp duty fees. About 13,000 houses have been sold which helped the government earn Rs 1014.79 crore in the form of revenue through stamp duty fees.

The Maha Vikas Agadi government, in a bid to boost realty sales, took an important decision to prove a slew of concessions to the developers in a bid to provide affordable houses and encourage homebuyers. Besides providing reduction in stamp duty to developer, it has also allowed 50 per cent reduction in premium payments to those offering free stamp duty to homebuyers for the next one year.

Mumbai recorded the highest sales of houses in December 2020. About 18,000 conveyance sale was recorded by the state stamp duty and registration department. The stellar sales raked in Rs 648.32 crore in revenue for state exchequer through stamp duty.