It further said, in case of an instrument of sale or gift, on the value of the property so situated and in case of an instrument of usufructuary mortgage, on the amount secured by the instrument as set forth in the instrument and shall be collected accordingly under the said Act.

The Government may, by notification in the Official Gazette, make rules to carry out the purposes of this section.

According to BankBazaar Current Stamp Duty Rates in Mumbai is:

Note: The percentage of the stamp duty depends on two crucial factors:

• A property’s registered price.
• A property’s ready reckoner rate.

The rate whichever is higher among the above two is taken into account for the stamp duty.

“The proposed 1% rise in stamp duty over and above the existing 5% in the form of a surcharge on all transactions of immovable properties will increase the cost of the transaction of real estate deals and is expected to further affect the already adverse market sentiment in the short term. We may see delays in decision making by the customer especially the ones who are close to buying properties as this will affect their budgets. For Real Estate companies this will translate to longer consumer buying cycle, impacting their sales velocity”, Arvind Hali, MD and CEO, ART Affordable Housing Finance expressed his views.

It is said that Stamp duty rates in Pune vary from 3 to 5%, Ahmedabad 4.90% and Delhi 4 to 6%.

The State Government shall, every year, after due appropriation made by law in this behalf, pay to the Corporation or the agency which has undertaken the notified project, a grant-in-aid approximately equal to the amount of additional duty realized on account of surcharge levied and collected under this section in respect of the immovable properties situated in the City having notified projects and such grant-in-aid shall be utilised on such notified projects in the manner specified by the Government, circular said.

According to Yomesh Rao member of PEATA said, “How much taxes will someone pay for development or redevelopment of projects? There is already development charges, GST, Stamp duty, property tax, land under construction. After all these taxes how can you dream of having affordable houses? too many taxes are not desired.

The amended bill states that “The sum of money required to meet the expenditure by the State Government under sub-section (3), shall be charged on the Consolidated Fund of the State.”

Commenting on the hike, Manju Yagnik, Vice Chairperson, Nahar Group said, “Real estate industry has not completely come out of the stress situation and is slowly seeing signs of recovery this year after the huge impact of GST on buyers and developers. The state government’s proposal to levy a surcharge of 1% on stamp duty, increasing it to 6% from the existing 5% on transaction of immovable properties was not required at this point of time as it will increase the overall property transaction cost unfavorably impacting the sentiments of buyers resulting in a further slowdown of sales.”

Majority of the sales in the current market situation is driven by the affordable housing segment. Hence the buyers in this segment may undergo a distress in their budget as an additional hike in stamp duty will make homes costlier. It will also impact the mission of  “Housing for all by 2020” and reduce the no of registrations because people may hold on to their buying decision as it is directly a 1% hike in the cost of an apartment, Yagnik added.

Every rule made under this section shall be laid, before each House of the State Legislature while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions.

Rajeev Jain, Director, Nirmal Lifestyle said, “This will increase the cost of the transaction of real estate deals and is expected to further have an effect on the already difficult market in the short-term. The change in stamp duty per cent will affect the buyers, mainly aspiring millennials as it will be affecting their budget.”

The following is the district-wise break-up of the properties transferred among blood relations: Mohali 4907, Ludhiana 16001, Bathinda 9813, Amritsar 8841, Roopnagar 2779 and Patiala 12685. People have availed of this relief in other districts also.

The Additional Chief Secretary Revenue-cum-FCR Vini Mahajan said the residents of Punjab had been exempted from the stamp duty or cess for property transfer in blood relations. In other cases of property registration, a buyer has to pay 5 per cent stamp duty, 1 per cent Infrastructure cess, 1 per cent registration fee and 1 per cent Punjab Infrastructures Development Board fund.

She clarified that in a mutual exchange of property in a family, one has to pay a mere Rs 900 (Rs 100 pasting fee, Rs 500 facilitation fee and Rs 300 mutation fee). Yes, whether it is one Marla or 100 acres, the cost in such an exchange will be only Rs. 900.

He Further said that 90 acres of land will be acquired from the railway for the Dharavi Rehabilitation Project, and the contractual received by the tenderer will have to invest 80 per cent and remaining 20 per cent of the government. In Dharavi, there are about 59,160 ground floor structures on the 104-hectare plot. Also, 12,976 industrial and commercial industries are notified in the notified area. He said that all these will be accommodated in redevelopment.

In 2004, the government decided to redevelop the integrated universal redevelopment of Dharavi in 2004. Later in 2005, the Urban Development Department appointed the slum rehabilitation authority as a special planning authority. The tender process could not be processed even five times from 2007 to 2016. After this, the concept of special purpose company (SVP) has been approved in 2017 for implementing the project.

This has been decided to give the status of a special project to the Dharavi redevelopment project for proper rehabilitation of industrial, commercial and slum dwellers and tenants in Dharavi.

Granting special projects, the concession of stamp duty concession, state GST repayment, discounts on property tax, funeral premium relaxation, premium forgiveness, etc. has been approved. Similarly, the cabinet approved the proposal to jointly integrate the sector 1 to 5 and develop an integrated master plan of Dharavi redevelopment project and issue a global tender.

Along with this, Dharavi is notified area, but in the Matunga-Dadar, which is outside the purview of Dharavi redevelopment project, about 36.42 hectares ( 90 acres) and 6.91Hector land have been sanctioned under Dharavi redevelopment project. The Cabinet has approved the approved and other issues approved by the housing department, an official said.

The cabinet has approved the authority to use the authority of the Fire Department’s non-objection certificate in relation to Dharavi redevelopment buildings and the Chief Executive Officer of the slum rehabilitation authority as well as the chief executive officer of the Dharavi redevelopment project and the special task officer. Due to all these sanctions, the revival of the Dharavi redevelopment project will be revitalized.

The ordinance would now be sent to the Legal and Administrative Affairs Department for its finalization and later to Punjab Governor for its approval.

The state Legislative Assembly on Tuesday approved an amendment of Mumbai Municipal Corporation Act and hiked 1 % of stamp duty to fund the projects like metro, freeways, sea links.

According to industry experts, “There is approx 3 lakh unsold inventory in Mumbai and after the hike of 1% will delay in the decision making of the customer and will affect their budget.”

The industry has still not come out of GST impact and after an increase in stamp will slower the sale of flats, according to a developer who did not wish to be named.

At the same time, there is a provision for stamp duty of 1% of the market value of the real estate or maximum 1 lakh stamp duty is applicable. On this, Gehlot has decided to free the stamp duty from the husband’s wife in favour of the wife’s real estate gift.