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In a setback to the real estate industry as well as flat buyers, the state government on Wednesday decided not to extend the cut on stamp duty on property registrations. Ready reckoner (RR) rates, though, remain unchanged for the 2021-22 financial year.
The slashing of stamp duty in Mumbai from 5% to 2% from September to December 2020, and 3% till March 31, 2021, had boosted residential realty sales.
On a brighter note, the 1% stamp duty waiver for women home buyers, as announced in the state budget on March 8, would come into effect from Thursday. The concession is only for residential units and not for land. Besides, the concession will not be applicable if there is a male co-owner of the unit.