Stamp duty for lease agreements of housing societies in Mumbai reduced to 0.5%

Mumbai, Jul 7 (PTI) Maharashtra Revenue Minister Chandrashekhar Bawankule on Tuesday announced a steep reduction in stamp duty for registration of 99-year lease agreements of cooperative housing societies in Mumbai. Residential properties will now attract a maximum duty of 0.5 per cent and commercial properties will attract 1.5 per cent, he told the legislative assembly here. The minister was replying to a calling attention motion raised by Atul Bhatkhalkar (BJP) who said thousands of cooperative housing societies were unable to register lease agreements for decades because of procedural delays and the steep rate of stamp duty. Bawankule said the revised policy would provide major relief to societies standing on government land leased for 99 years. Giving some examples, he said the stamp duty payable by Mittal Chambers Owners Cooperative Society in south Mumbai would fall from about Rs 101.21 crore under the earlier system to about Rs 10.68 lakh. Similarly, New Maker Chambers' liability would reduce from around Rs 119.47 crore to Rs 1.76 crore, while Sea Lot Cooperative Housing Society in Colaba would pay about Rs 27.05 lakh instead of Rs 176.82 crore. Abhilasha Premises Society in Colaba would see its stamp duty reduced from about Rs 104.83 crore to Rs 19.45 lakh, he said. Responding to concerns raised by some members, Bawankule clarified that the concessional rates would apply uniformly across both Mumbai city and suburban areas. The minister also announced that the government has waived the transfer premium on flats in the BBD Reclamation area for transfers executed before 2015, providing relief to around 1,500 flat owners across 91 properties. Speaker Rahul Narwekar, who is the MLA from Colaba, thanked the government and the revenue minister on behalf of the affected property owners. The minister said the decision is expected to provide substantial financial relief to hundreds of cooperative housing societies in areas such as Nariman Point, Cuffe Parade, Colaba, Marine Drive and the Mumbai suburbs. PTI MR KRK