Stamp duty on land deals in MMR to be recovered as per 2017-18

The Maharashtra cabinet today approved recovery of stamp duty on land transactions executed in the Mumbai Metropolitan Region (MMR) between May 19 to September 19, 2017 as per the 2017-18 ready reckoner rates.

Those who executed land deals during this period will have to pay the difference between the stamp duty as per the 2017-18 rate and that as per the 2016-17 rate (which they may have paid), a government official said.

"The government had stayed the recovery as per the 2017-18 rate on the request of Maharashtra Chamber of Housing Industry. The chamber contended that the stamp duty be levied as per the 2016-17 rates because the new rates were exorbitant," he said.

"A study group was set up, and now the stay has been lifted after receiving its findings. Today the cabinet approved the recovery of additional amount of stamp duty for this period. But the penalty (for late payment) will be waived," the official said.

The cabinet today also decided to allot 5.6 hectares of government land at Balewadi near Pune for the Hinjewadi-Shivajinagar stretch of Pune Metro.

As per the market rate, the price of the land is Rs 153 crore, and it is being allotted as part of the state's share in the project cost, the official added.