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Why you will lose your dream home over the waiting game in March 2022! vrajtiara.com

1
Elijah Paul 10 months ago in Business 0

Mumbai, being the most expensive real estate market in India, has recently witnessed an explosive jump in the residential sector, in the year 2021. In a megacity like Mumbai, where space is at premium corporate groups, business tycoons to celebrities showed a buying frenzy to grab premium luxury flats in Mumbai such as 3 BHK, 4 BHK & 5 BHK flats in South Mumbai, in exclusive neighborhoods of Worli, Juhu, and Bandra. Alongside a home purchased, there is also a surge in demand for car parking space.

With the recent announcement by the state government to hike the stamp duty by 1% from the next financial year, buying flats in Mumbai is likely to get costlier. The government’s two-year concession on stamp duty ends in March 2022. The duty will rise by 1 percent to an actual rate of 6 percent of the agreement value from the current 5 percent. Moreover, the stamp duty on the gifting of property to a blood relation will see an enormous rise from just ₹200 to ₹1 lakh (considering the property cost of ₹1 crore). The ₹200 stamp duty was a base price which will be hiked to 1 percent of the property value. As of now, the stamp duty on a gift of a residential flat to blood relations is merely ₹200. But from April 2022, the same transaction will attract a 1 percent stamp duty on a pro-rata basis, considering the flat’s market value.

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