Maharashtra property: Good news for homebuyers, you need to pay less, but there is a catch

There is good news for first-time home buyers who plan to buy cheap affordable homes in Maharashtra. The state’s Stamp Duty and Registration department has started collecting only Rs 1,000 as stamp duty fee, instead of the usual five per cent on homes that measure approximately 30 sq metre (i.e. 320 sq feet) and 60 sq m (i.e. 646 sq ft). However, there is a rider that the income of the person buying a home upto 320 sq ft should not exceed Rs 3 lakh, while the income of a person buying a flat upto 646 sq ft should be between Rs 3 lakh and Rs 6 lakh.

Also, the home that is being registered with the government should be the first house and to avail the discount all the criteria of the Pradhan Mantri Awas Yojna (PMAY) would be applicable. Sanjay Kumar, state housing secretary confirmed the news. Inspector General of Registration Anil Kawde said, “The government rule is self-explanatory and everything is being followed by us. The moment the government decides we implement it.” Advocate Vinod Sampat and expert on stamp duty said that the rules if adhered to will benefit many, who want to buy cheap affordable homes in the extended suburbs. Some experts opined that this will boost the sales as expenses of home buyers will come down. However, it will not have an impact in Mumbai and other leading cities as the cost of an average 1-BHK flat in the suburbs is around Rs 45-50 lakh. If your income is around Rs 6 lakh, you will not be able to buy a house in Mumbai.

Sarjan Shah, MD, Group Satellite, who is constructing affordable homes in Malad said, “It will lower the taxes and duties and proportion of the total cost of purchase for a first time home buyer. We believe it will accelerate sales.”

(By Varun Singh, DNA)