To mark International Women’s Day 2021, the government of Maharashtra announced a 1 per cent reduction on stamp duty payments if the transfer of property or a new sale deed is registered under the name of a woman. According to a report by Money Control, during the presentation of the state budget on March 8, the state’s finance minister, Ajit Pawar, said, “On International Women's Day, I propose concession in stamp duty of 1 per cent over the prevailing rate exclusively to women, provided the transfer of house property or registration of sale deed is in the name of woman or women only. Due to this concession, there will be a revenue shortfall of around ₹1,000 crore.”
It was also reported that real estate developers foresee that this move will further boost to housing sales in Maharashtra. “The Maharashtra government's announcement of a 1 per cent rebate on stamp duty and registration of properties registered in the name of a woman will give a further boost to the housing sales in the state, it will help empower women. This is an apt gift for women homebuyers on International Women's Day. We have seen the impact of a cut in stamp duty in 2020, the latest announcement is expected to boost the momentum,” Krish Raveshia, CEO at Azlo Realty told the portal.
In a similar move, the Karnataka government has proposed a reduction on stamp duty charges to 3 per cent for property valued between ₹35 lakh to ₹45 lakh. Unlike Maharashtra, Karnataka has chosen only the affordable housing segment, limiting the boost to only this sector.
In a comment to the portal, Bangalore-based real estate developer Ashish R Puravankara, managing director, Puravankara Limited, said, “This decision will boost the demand for affordable houses in the state and encourage newer projects in this category thereby further motivating the buyer with more options to choose from. While this is something we are happy about, it would have been a delight if the same reduction was applicable across all the segments and not restricted to only houses ranging between ₹35-45 lakh.”
*Image for representational purposes only