Maharashtra: While the Maharashtra government on March 6, announced that it has reduced stamp duty on properties by 1% for Mumbai, MMRDA Region and Pune for a period of two years, however in the official news the government declared minimum charge of 3% stamp duty on any virtual land transactions. The virtual land which is called Transfer of Development Right (TDR) that has been generated on the reserved plot imposed by the government for various infrastructure like hospital, school, playground, recreation ground etc. The owner of this private plot can get the certificate in lieu of his plot and this TDR – the virtual space can be sold in the market at the prevailing property rates.
“The TDR is also land and is in available virtually. But it can be used to construct the houses and that is sold in the market. This is sort of the property transactions only,” said a government official who did not wish to be named.
Manohar Shroff, vice president of Maharashtra Chamber of Housing Industry said that the government is helping in one way by reducing stamp duty in places like Mumbai, Pune and Nagpur but on the other hand it is taking away this benefit by bringing stamp duty in TDR transactions.
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