Is Stamp Duty getting increased by 3% post Jan 1st? - Indian Real Estate Forum

neeraj_bitm · 21-12-09

Hi,

The builder told me that stamp duty is going to increase from 5% to 85 post 1st of January 2010. Is this correct or he just made it up to get a faster booking?
Please provide your valuable feedbacks

Thanks

chetan_is · 26-12-09

Yes, it is very much true.

compuwalah · 26-12-09

5% to 85 %

. Then the property prices are bound to dip by 50%

realacres · 26-12-09

The only info which I had is that the registration amount may go to 1% from current 30k.

Stamp Duty from 5-8%? No idea as of now. The GR was only for registration. Need to check up.

frugality · 26-12-09

The Govt is broke and so trying revenues from whatever ways ...
Registration then hiking the Ready Reckoner rates .....

And while such is the Govt. 'even after projecting 9 % GDP growth its broke' builders are trying to cash in the benefits.

So one way or the other its the Buyer has to be screwed whatever way ...

ash7979 · 26-12-09

Quote:

Originally Posted by frugality

The Govt is broke and so trying revenues from whatever ways ...
Registration then hiking the Ready Reckoner rates .....

And while such is the Govt. 'even after projecting 9 % GDP growth its broke' builders are trying to cash in the benefits.

So one way or the other its the Buyer has to be screwed whatever way ...

In NCR they already has 8% for stamp duty...As mahrashtra has maximum taxes, so I always wonder how come mah has so less stamp duty...I think by raising it to 8% level mah will come to the level to NCR at least in terms of stamp duty

realacres · 26-12-09

Quote:

Originally Posted by ash7979

In NCR they already has 8% for stamp duty...As mahrashtra has maximum taxes, so I always wonder how come mah has so less stamp duty...I think by raising it to 8% level mah will come to the level to NCR at least in terms of stamp duty

The central Govt. had issued an directive to all the states to have uniform stamp duty of 5% after INR 5L. States like Delhi did not respond which is leading to large scale deals happening in B-money.

Infact, in Maha too, till 2001, the registration was just INR 5k!!

When Maha govt hiked the tax (VAT) on cell fones from 4 to 12%, the demand dropped by 75%

. Guess? The fones are now being bought from Gujarat

& Maha loses.

It is a classic case of killing the golden egg laying hen.

Mangesh007 · 27-12-09

Quote:

Originally Posted by ash7979

I think by raising it to 8% level mah will come to the level to NCR at least in terms of stamp duty

Dear Ashish What means atleast in terms of stamp and duty.
Then what u want Maharashtra also become NCR (National Crime Region)

NCR where u have top class roads with Blue lines (how killed people like anything)

Where Auto ask for 100-200 Rs for 4-5Km distance.

Where Mall are very good with Price tag of 1000 Rs min.

Where Rich and Poor only two class exists.

khannarohit20 · 29-12-09

I agree with Realacres. I heard about Registration Cap of Max 30 K to be removed and made straight away as 1%. This implies for higher budget properties, Registration Fee will be Flat 1 % instead of 30K. This input is given to me by a Bank Official of Loan Dept.

compuwalah · 29-12-09

This is also what I remember to read someone. So basically it impacts only for people buying prop whose agreement value is over 30 lakhs. So if I am buying a prop with say agreement val of 40 lakhs, I will pay Rs 10,000 more than earlier.

21-12-09	#1
neeraj_bitm Member Join Date: Dec 2009 Posts: 66 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Is Stamp Duty getting increased by 3% post Jan 1st? Hi, The builder told me that stamp duty is going to increase from 5% to 85 post 1st of January 2010. Is this correct or he just made it up to get a faster booking? Please provide your valuable feedbacks Thanks

26-12-09	#2
chetan_is New Member Join Date: Nov 2009 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts	True Yes, it is very much true.

26-12-09	#5
frugality Senior Member Join Date: Oct 2009 Posts: 553 My Mood: Thanks: 7 Thanked 10 Times in 7 Posts	The Govt is broke and so trying revenues from whatever ways ... Registration then hiking the Ready Reckoner rates ..... And while such is the Govt. 'even after projecting 9 % GDP growth its broke' builders are trying to cash in the benefits. So one way or the other its the Buyer has to be screwed whatever way ... Last edited by frugality; 26-12-09 at 09:20 PM.

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26-12-09	#3
compuwalah Senior Member Join Date: Dec 2009 Posts: 915 My Mood: Thanks: 2 Thanked 23 Times in 18 Posts	5% to 85 % . Then the property prices are bound to dip by 50%

26-12-09	#4
realacres Moderator Join Date: Jun 2009 Posts: 6,144 My Mood: Thanks: 49 Thanked 180 Times in 135 Posts	The only info which I had is that the registration amount may go to 1% from current 30k. Stamp Duty from 5-8%? No idea as of now. The GR was only for registration. Need to check up.

29-12-09	#9
khannarohit20 New Member Join Date: Aug 2009 Posts: 10 Thanks: 0 Thanked 0 Times in 0 Posts	I agree with Realacres. I heard about Registration Cap of Max 30 K to be removed and made straight away as 1%. This implies for higher budget properties, Registration Fee will be Flat 1 % instead of 30K. This input is given to me by a Bank Official of Loan Dept.