Stamp duty amnesty in Maharashtra extended to June 2024
Real Estate

Stamp duty amnesty in Maharashtra extended to June 2024

The Maharashtra government has extended the stamp duty amnesty scheme for the third time, offering relief to property owners until 30 June 2024.

The decision to extend the scheme was formalised through an order that stated, "...And whereas, the Government of Maharashtra considers it expedient to amend the said Order to extend the period of the second phase from the 1 March 2024 till the 30 June 2024 for the said Amnesty Scheme-2023."

The 'Mudrank Shulakh Abhay Yojana' or Stamp Duty Amnesty Scheme was launched in December 2023 to encourage buyers to settle outstanding stamp duty dues by offering discounts on penalty fees related to delayed payments.

Phase one commenced on 1 December 2023 and ended on 31 January 2024. Phase two began on 1 February 2024 and is scheduled to conclude on 31 March 2024.

Experts view this decision as a stimulus for the real estate market, expecting increased property registrations and revenue collections. Anuj Puri, Chairman of ANAROCK Group, stated, "The Maharashtra government's decision to extend the stamp duty amnesty scheme aims to stimulate the real estate market by making transactions more financially viable for buyers."

Prashant Sharma, President of NAREDCO Maharashtra, echoed similar sentiments, saying, "Extending the stamp duty amnesty scheme till 30 June 2024 by the Maharashtra government is a prudent move that will provide much-needed relief and support to the real estate sector."

Samantak Das, Chief Economist and Head of Research at JLL India, emphasised the importance of availing the scheme responsibly, stating, "This extension allows for more flexibility for those looking to avail this amnesty scheme. It is always advisable to pay the appropriate stamp duties on registration and within time to ensure legal rights are adequately protected."

Extending the stamp duty amnesty scheme is a positive step towards facilitating property transactions and promoting economic growth in Maharashtra.?

The Maharashtra government has extended the stamp duty amnesty scheme for the third time, offering relief to property owners until 30 June 2024. The decision to extend the scheme was formalised through an order that stated, ...And whereas, the Government of Maharashtra considers it expedient to amend the said Order to extend the period of the second phase from the 1 March 2024 till the 30 June 2024 for the said Amnesty Scheme-2023. The 'Mudrank Shulakh Abhay Yojana' or Stamp Duty Amnesty Scheme was launched in December 2023 to encourage buyers to settle outstanding stamp duty dues by offering discounts on penalty fees related to delayed payments. Phase one commenced on 1 December 2023 and ended on 31 January 2024. Phase two began on 1 February 2024 and is scheduled to conclude on 31 March 2024. Experts view this decision as a stimulus for the real estate market, expecting increased property registrations and revenue collections. Anuj Puri, Chairman of ANAROCK Group, stated, The Maharashtra government's decision to extend the stamp duty amnesty scheme aims to stimulate the real estate market by making transactions more financially viable for buyers. Prashant Sharma, President of NAREDCO Maharashtra, echoed similar sentiments, saying, Extending the stamp duty amnesty scheme till 30 June 2024 by the Maharashtra government is a prudent move that will provide much-needed relief and support to the real estate sector. Samantak Das, Chief Economist and Head of Research at JLL India, emphasised the importance of availing the scheme responsibly, stating, This extension allows for more flexibility for those looking to avail this amnesty scheme. It is always advisable to pay the appropriate stamp duties on registration and within time to ensure legal rights are adequately protected. Extending the stamp duty amnesty scheme is a positive step towards facilitating property transactions and promoting economic growth in Maharashtra.?

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000