Maharashtra :In a major boost to the real estate sector in the state, Maharashtra government on Wednesday announced a cut in stamp duty and other levies for buying and selling of properties in urban and rural areas.
The rate has been cut for two periods. One till December 31, 2020 and the other till March 31, 2021.The government has cut stamp duty rates from 5 per cent now to 2 per cent in urban areas of the state till December 31 and 3 per cent till March 31, 2021. Urban local body tax has been retained at 1 per cent.
Stamp duty rates have been cut from 4 per cent to 1 per cent in rural areas till December 31 and 2 per cent till March 31, 2021.
Property developers cheered the announcement and said it would boost the demand for residential apartments and sales.