The Maharashtra government has recently announced a significant reduction in the penalty for underpayment of stamp duty. Previously, homebuyers who paid less stamp duty than required were charged a penalty of two percent per month on the shortfall. However, under the new scheme proposed by Finance Minister Ajit Pawar and included in Maharashtra’s Interim Budget 2024-25, this penalty has been reduced to one percent per month. This move aims to help the government recover outstanding dues and is expected to generate additional revenue of ₹200 crore.
Furthermore, the Maharashtra government has also extended the period within which homebuyers can claim a refund for stamp duty paid in excess. Previously, the time frame for such claims was six months, but it has now been extended to one year. This change provides relief to homebuyers who inadvertently paid more stamp duty than necessary and need additional time to seek reimbursement.
The stamp duty in Maharashtra varies between 5% and 7% of the total agreement value, depending on the city. In addition to the stamp duty, a registration fee is also required at the time of property purchase. For properties costing up to ₹30 lakh, the registration fee is one percent of the total agreement value. For properties valued above ₹30 lakh, the registration fee is capped at ₹30,000.
Women homebuyers in Maharashtra benefit from a special concession on stamp duty. They receive a one percent waiver on the total stamp duty amount, provided the property is purchased solely in the name of the woman. If the property is jointly purchased by a male and a female buyer, this concession does not apply.
The revenue collected from stamp duty in Maharashtra has been substantial. In the financial year 2023-24, the state collected over ₹50,400 crore, a 13% increase compared to the ₹44,000 crore collected in the previous year. The highest collections were reported from major cities such as Mumbai, Pune, and Nagpur.
These measures introduced by the Maharashtra government reflect a balanced approach to addressing both underpayment and overpayment issues related to stamp duty. By reducing penalties and extending refund periods, the government aims to ease the financial burden on homebuyers while ensuring that it recovers the necessary revenues. Additionally, the concessions provided to women homebuyers are a positive step towards encouraging female ownership of property.
The recent changes to stamp duty regulations in Maharashtra are designed to provide relief to homebuyers, promote compliance, and enhance revenue collection. Homebuyers in the state should be aware of these new provisions to take full advantage of the benefits they offer.
