July 17, 2023: The Maharashtra revenue department (IGR Maharashtra) on July 14, 2023, issued a government resolution (GR) stating that property owners involved in self-redevelopment projects in Maharashtra will now only have to pay Rs 1,000 as stamp duty. This decision by the state government aims to promote the redevelopment of old buildings throughout Maharashtra. Previously, property owners were required to pay Maharashtra stamp duty ranging from 5% to 7% of the total agreement value, making this new development favourable.
As highlighted in the GR, it’s important to note that this reduced stamp duty is not applicable to individuals purchasing properties from the open market within self-redeveloped societies. In such cases, homebuyers must pay the prevailing stamp duty rates. Furthermore, members seeking to acquire additional area within the self-redeveloped project are also subject to paying stamp duty according to the existing rates.
In May 2023, Maharashtra’s deputy chief minister, Devendra Fadnavis, instructed the state administration to expedite the implementation of the self-redevelopment policy that had been approved by the government back in 2019.
See also: Maha govt lists sops for self-redevelopment, stamp duty waiver
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