Costliest property market just got more expensive!

Costliest property market just got more expensive!

The Maharashtra Government has decided to allow a 1 per cent increase in stamp duty on property transactions, an initiative that will increase overall costs for a home buyer in Mumbai that has the country´s most expensive real estate market.

The Cabinet had approved a proposal for the increase in stamp duty on property transactions to fund major transport projects such as the Metro and Monorail corridors. With this, the stamp duty in Mumbai will go up to 6 per cent, though senior officials in the revenue department admitted that the Centre had issued guidelines urging states to cap stamp duty on property transactions at 5 per cent. The new rate will come into effect once the government issues a notification.

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