In a move benefiting homeowners, the Maharashtra government has decided to waive transfer fees, penalties, and associated levies on flat transfers in the BBR region constructed before 2015 without an NOC. Revenue Minister Chandrashekhar Bawankule made this announcement in response to a motion in the Legislative Assembly raised by MLA Atul Bhatkhalkar. The waiver aligns with the Maharashtra Land Revenue Code, exempting flat transfers up to 2015 from transfer fees and associated penalties.
This decision is expected to benefit numerous citizens and address a backlog of pending property cases. The government has capped the maximum stamp duty at 0.5% for residential properties and 1.5% for commercial properties, significantly reducing the previous charges that ranged from 5% to 8%. Bawankule also highlighted the reduction in stamp duty for major leasehold cases in the state, aiming to ease the financial burden on citizens during lease execution and registration.
Under the revised policy, stamp duty fees will now be calculated at a minimal rate, providing substantial relief compared to the earlier system. The government’s decision to levy a flat 0.5% rate is deemed more financially advantageous for citizens than using historical Ready Reckoner rates. To address any uncertainties regarding the stamp duty formula, the government plans to convene a special meeting under the Assembly Speaker’s chairmanship to explore options that minimize the financial impact on citizens.
Assembly Speaker Rahul Narwekar commended the government for offering significant relief to the public. Members of the house also urged that the new policy not only apply to current transfers but also extend to future property transactions.
