Stamp duty waiver not to continue, ready reckoner rates stay unchanged
The state government on Wednesday announced it would not extend the 2% stamp duty
waiver on property registrations, an initiative that had boosted the real estate sector after
the pandemic-induced lockdown, but kept the Ready Reckoner (RR) rates unchanged for
the 2021-22 financial year.
On a brighter note, the 1% stamp duty waiver for women homebuyers, as announced in
the state budget on March 8, would come into effect from Thursday. The concession is
only for residential units and not for plots of land. Besides, the concession will not be
applicable if there is a male co-owner of the unit. The state government had in August
2020 announced a 3% waiver on stamp duty from September to December and
subsequently a 2% waiver from January-March in 2021 to boost the realty sector during
the pandemic. The waiver had led to a significant upswing in property registrations.
The RR rates, which were revised six months ago, would be continued with for this
financial year, stated the circular issued by the government on Wednesday evening.
Ready reckoner rates stay unchanged
State revenue minister Balasaheb Thorat tweeted that the regular rates would be
applicable from April 1.
Credai national chairman Satish Magar told TOI that the government had announced the
waiver as a short-term booster after the lockdown. “We had again approached the
government for an extension of the concession for three months. The government has its
compulsions and did not agree to the extension,” he said.
State Inspector General of Registration and Stamps Shravan Hardikar said that according
to the government’s direction, the Annual Statement Rate for 2021-2022 would be the
same as it was in 2020-21. The RR rates for residential and commercial properties are
announced on April 1 every year. In 2020, the revised rates were announced in September
because of the Covid-19 pandemic.
On an average, the RR rates were increased by 1.74% last year. The highest average
increase (3.91%) in the RR rates was registered in Pune district.
Credai national vice-president Shantilal Kataria said they had demanded a reduction in the
RR rates as per the Maharashtra Stamp (Determination of True Market Value of Property)
Rules, 1995. “We are, however, happy that the government has kept it untouched. A
certain amount of buoyancy was witnessed in the market in the last 5-6 months,” he said.
Suhas Merchant, immediate past-president of Credai (Pune Metro) and national chairman
of Credai’s statistics and standards committee, said, “We are happy to see that our
submission (on RR rates) has been considered.”
Niranjan Hiranandani, managing director of Hiranandani Group and national president
of National Real Estate Development Council, said Maharashtra had played a “stellar role”
by announcing the stamp duty waiver and could have continued the arrangement. “We
will urge the state to reconsider the decision,” he said.
Sachin Shingavi, president of the Association of Real Estate agents, said, “The decision will
be beneficial to the builders and consumers, ” Activist Shrikant Joshi said, “The
government should have continued with the stamp duty concession for three more
The government had announced the
waiver as a short-term booster after the
lockdown. We had again approached
the government for an extension of the
concession. But the government has its
compulsions and did not agree to the
| CREDAI NATIONAL CHAIRMAN