What should home buyers know about stamp duty and registration charges?

Payment of stamp duty acts as proof of ownership in court while registration charges are paid to record execution of transaction Since the outbreak of the Covid-19 pandemic, demand for house property has slowed, with many postponing big-ticket purchases. In a bid to attract home buyers, the Maharashtra Government recently announced reduction in stamp duty rates on property purchases. It has lowered the stamp duty rate to 2 per cent (from 5 per cent) of the property value; this is applicable across Maharashtra from September 1 to December 31, 2020. The State has kept the stamp duty rate at 3 per cent from January 2021 to March 31. This reduction in stamp duty rates is expected to boost residential demand, and help developers bring down the level of unsold inventories in the market.

Maharashtra cuts stamp duty on property: Will homebuyers get benefited – Find out

The cost of owning a home of your own in Maharashtra has come down. The government of Maharashtra has cut the Stamp Duty charges while registering a property in the state. According to PTI, in a major policy decision aimed at boosting the real estate sector, the Maharashtra government has decided to slash the stamp duty on sale deed documents by 3 per cent between September 1 and December 31 this year. The relaxation will continue with the 2 per cent cut from January 1 to March 31 next year.