On International Women’s Day this year, the Government of Maharashtra presented the government’s budget for the year 2021-2022 where they offered a cut of 1% on the stamp duty for women homebuyers i.e. there will be a concession of 1 percent if the transfer of house property or registration of the sales deed takes place in the name of a woman.
On 8th March 2021, while presenting the State Budget, the Deputy Chief Minister and Finance Minister of Maharashtra Ajit Pawar announced the concession of 1 percent in the stamp duty exclusively for women, but the condition was that the transfer of house property or registration of sales deed has to be in the name of woman or women only. He further stated that there will be a revenue deficit of approximately Rs 1,000 crore due to this concession.
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The budget presented by Ajit Pawar on that day also showed a revenue deficit in the state Legislative Assembly of around 10,226 crore rupees. While Rs 3, 68,987 crore was the estimated revenue collection of the upcoming government budget, Rs 3, 79,213 crore was the estimated revenue expenditure.
There is no doubt that the Covid 19 outbreak has been a severe blow to the economy of the State. Ajit Pawar informed that Rs 2, 18,263 crore is the revised tax revenue estimate for the year 2020 to 2021. Though it will not be easy to achieve the revised estimates due to the economic slowdown of the state as well as the country but Ajit Pawar assured that the government will put all its efforts and try its best to achieve the estimated revenue.
Matoshree Nisarg appreciates that the government has been using various policies to support women’s homeownership. To empower women in lower-income segments, in 2015, the Maharashtra government made it mandatory to register properties either in the name of women or with a woman as a co-owner to avail homes under the Pradhan Mantri Awas Yojna.
The NAREDCO National President, Niranjan Hiranandani said that this 1 percent cut announcement in the stamp charges on International Women’s Day will motivate women to invest in real estate. This overwhelming rate will be available to all women buyers provided that the registration of sale deed or transfer of house property takes place in the name of a woman.
To support the ill real estate industry during this Corona outbreak, last year on 26th August, the Maharashtra Government announced a concession from 5 percent to 2 percent in the stamp duty on housing units until 31st December 2020 that was further reduced to 3 percent from 31st January 2021 to 31st March 2021.
Reports show that there was a huge hike in property registrations in February 2021 as almost over 10,000 housing units were registered in Mumbai.
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Many renowned personalities praised this initiative of the Maharashtra State government. Krish Raveshia, the chief executive of Alzo Realty said that this announcement of the Maharashtra Government is an appropriate gift for women in the State on Women’s Day. This initiation will not only boost the housing sales in the state but also will empower women. He further mentioned the impact of the cut in stamp duty on housing units in 2020 and said that this latest announcement will boost that momentum.
We can say that this initiative of the Maharashtra government will give a boost to the housing sales in Maharashtra and will play an important role in handling the ongoing economic crisis in the State.