The Maharashtra Government made a special announcement and launched a special program for women homebuyers. The government announced a relaxation for women and removed an important limitation that was applied to women property owners. Now the women will receive a 1% stamp duty refund on their home purchases.
Earlier for the upcoming 15 years, the government has restricted and prohibited women property owners who have received a 1% stamp duty refund from selling the property to male buyers. The state administration has also removed the 15-year limit. Women home buyers will now continue to receive and benefit from a 1% stamp duty reduction
On the occasion of International Women’s Day in the year 2021, the Deputy Chief Minister announced a 1% stamp duty reduction for women. The Deputy Chief Minister also added in his statement that “The woman cannot sell the paid property to any male person with a lock-in period of 15 years from the date of purchase. If women fail to abide will be liable to pay 1% stamp duty plus penalty on it”. But the good news for all the women is that now this restriction has been fully removed.
But the thing to be noted is that women’s home purchasers can only get a 1% discount on purchasing residential property but it is not valid for any commercial and industrial properties. Women who wish to acquire immovable property (residential only) singly or with a co-owner (only female) can benefit from a 1% stamp duty reduction.
The Residential Real Estate Market In India
According to the sources, the Indian residential property is continuing to grow and grow. The financial year 2023 has recorded sky-high sales in the major metropolitan areas with approximately ₹3.47 lakh crore properties sold as compared to last year’s sales.
The report also added that the Mumbai Metropolitan Region has shown the largest contribution towards the sales value and the value. The Mumbai Metropolitan Region has sold 30% of its total value which was valued at ₹1.67 lakh crore which was 48% of the total sales value share.
