June 1, 2023: The Maharashtra government’s 15-year cap imposed on women homebuyers availing 1% rebate on stamp duty was removed on May 31, 2023 by deputy chief minister Devendra Fadnavis.
With this move, women property buyers availing the rebate can sell their property to anyone including men buyers anytime they wish to.
About 1% stamp duty rebate for women homebuyers
The Maharashtra government had announced a concession of 1% on stamp duty for all female home buyers on International Women’s Day – March 8, 2021. However, the rule also came with a caveat that female homebuyers would be under a lock-in period of 15 years from the date of purchase before they can sell it to a male homebuyer. In case the lock-in was not honoured, the woman homebuyer was legally bound to pay 1% stamp duty and a penalty.
Type of property for which the rebate is offered
Note that women homebuyers are offered 1% rebate only on residential properties. The rebate doesn’t hold true for commercial and industrial properties.
Only a woman homebuyer, individually or in joint ownership with another female, can avail of this rebate.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
