Saturday, 9 November 2013

Maharashtra State government carefully thinking to hike stamp duty by one more per cent.

Maharashtra State government carefully thinking to hike stamp duty by one more per cent.

Are you a prospective buyer looking to buy a property? Perhaps you need to rethink and recalculate the cost of the property as there is a likely chance of another hike in stamp duty soon! 

State government is carefully thinking of another hike in existing stamp duty on property transactions by one per cent. 

Buying homes in the State is likely to get costlier.

At present property buyers pay six per cent as stamp duty, five per cent as value added tax (VAT) and one per cent as local body tax (LBT) of property value. The LBT came into effect from April 1, 2013.

Government is expected to use additional revenue generated for funding mega projects like Pune Metro Rail and Mumbai Mono Rail.

During the span of last three years, amount of taxes that a home buyer pays has doubled making it even harded for prospective buyers to buy a flat.

Will this move drive away prospective buyers and real estate investors from the real estate market which is already facing the heat due to uncertain economic climate and policies?

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