News

CHIEF MINISTER ASHOK CHAVAN’S OFFICE TO REVIEW STAMP DUTY RATES

stamp1With real estate prices across the state hitting an unprecedented low, will the Democratic Front government slash the exorbitant stamp duty? Though chief minister Ashok Chavan did not elaborate on any plan to decrease the stamp duty, he said there was definitely a need to examine the whole issue. Chief Minister Ashok Chavan stated that despite real estate prices in the metropolis plummeting by 15% to 20%, stamp duty was still being charged based on the old rates. He stated that the state had received several applications, asking for a slash in the stamp duty for which they would soon be taking a decision. Usually, it is in January that the revenue department comes up with the ready reckoner rates for stamp duty. However in the current year, in view of the unexpected slump in the real estate prices, the department is yet to declare the prices, which is based on realty costs. Earlier, the government had increased the stamp duty in island city by 38.42% for land, 31.68% for residential property, 33.22% for office space and 35.74% for commercial shops. In suburbs too, the stamp duty was very high. Bureau report – NMTV

Related Articles

Back to top button