Maharashtra Extends Stamp Duty Amnesty Scheme for the Third Time
In a bid to rejuvenate the real estate sector and offer respite to property owners, the Maharashtra government has prolonged its stamp duty amnesty scheme, known as the Mudrank Shulakh Abhay Yojana, for the third time. This extension, stretching the scheme's validity until June 30th, 2024, aims to alleviate the burden of unpaid or insufficiently paid stamp duty on properties across the state. Notably, the scheme provides an avenue for rectifying outstanding dues on property purchase agreements and addressing document discrepancies.
Scheme's Impact and Benefits
Under the Mudrank Shulakh Abhay Yojana, property owners stand to benefit from reduced financial strain through potential waivers on stamp duty penalties. The scheme, structured into two schedules based on the date of document execution, offers relief contingent upon the application date. Real estate experts foresee a positive market response, anticipating increased property registrations and smoother progress in redevelopment projects. This initiative not only fosters financial savings for property owners but also facilitates expedited property transactions and lends crucial support to ongoing redevelopment endeavors.
Previous Phases and Current Extension
Having initially launched the amnesty scheme in December 2023, the Maharashtra government has iteratively extended its timeline. The latest extension, applicable to the second phase of the scheme, continues efforts to provide relief amid evolving market conditions. Originally slated to conclude on March 31st, 2024, this extension reflects the government's commitment to bolstering the real estate sector and fostering a conducive environment for property transactions and development projects in Maharashtra.
Source: www.timesproperty.com
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