Maharashtra Government makes Significant Announcement for Female Homebuyers
By: WE Staff | Thursday, 1 June 2023
The Maharashtra government has removed a substantial barrier that it had placed in the way of female property purchasers who qualify for a 1% stamp duty refund. Devendra Fadnavis, the current deputy chief minister of Maharashtra State, lifted this prohibition on 31st May, 2023.
For the next 15 years, the Maharashtra government has prohibited female property buyers who are receiving a 1% stamp duty refund from selling residential properties to a male buyer.
The 15-year limit, however, has been eliminated by the state administration. The 1% stamp duty discount for female homebuyers will remain in effect.
On March 8, 2021, International Women's Day, the deputy chief minister at the time announced a 1% reduction in stamp duty for women.
"The woman cannot sell the paid property to any male person with a lock-in period of 15 years from the date of purchase," the 2021 announcement further stated. Women who disobey will be required to pay 1% stamp duty + penalty.
It should be highlighted that women can only receive a 1% discount on residential homes; it does not apply to commercial or industrial properties. Women can take advantage of a 1% stamp duty discount if they want to buy immovable property (only residential) on their own or with another female co-owner.
India's residential real estate market:
The residential real estate market in India has reportedly continued to expand, according to a research by Anarock Property Consultant. With 3.47 lakh crore (roughly) units sold, 36% more than the year before, FY2023 had the largest sales volume in seven major cities. According to the Ananrock study, residential properties were sold last year for $3.47 billion.
30% of the total units sold during the year were in the Mumbai Metropolitan Region (MMR), and this sold stock was valued at 1.67 lakh crore, accounting for 48% of the sales value share, according to the study.