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Stamp Duty and Registration GST on Properties

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  • #21

    #21

    Re : Stamp Duty and Registration GST on Properties

    Stamp Duty Ready Reckoner for Mumbai 2014

    As per departments circular dated 17/01/2014 new ready reckoner market value rates declared on 01/01/2014 remains as it is however valuation factors and construction cost declared for the year 2014 is set aside till further orders and till than valuation factors and construction cost for the year 2013 is to be used.



    Please download full letter in PDF for more information about Calculation.
    Attached Files
    Last edited December 30 2014, 04:28 PM.

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    • #22

      #22

      Re : Stamp Duty and Registration GST on Properties

      Stamp duty rates from http://igrmaharashtra.gov.in/

      Rates are available from 2013 onwards (2013,2014,2015,....) for full Maharashtra including Mumbai, Navi Mumbai and Mira-bhayander.

      Click on eASR(Rate).

      Please download PDF in more details
      Attached Files
      Last edited December 30 2014, 03:31 PM.

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      • #23

        #23

        Re : Stamp Duty and Registration GST on Properties

        Developers fear Jan ready reckoner hike

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        • #24

          #24

          Re : Stamp Duty and Registration GST on Properties

          Yogesh -

          Please advice why RBI/govt is keen to increase reckoner rates every year?
          Does this not increase the cost of the property and influence it to further slowdown of the RE?

          Comment

          • #25

            #25

            Re : Stamp Duty and Registration GST on Properties

            Hii Yogesh.. Thanks for your help.. Really appreciate it.. Though I don't understand Marathi much so will be difficult for me to navigate..

            Comment

            • #26

              #26

              Re : Stamp Duty and Registration GST on Properties

              All,
              I am selling my flat and wanted to check on few things:

              1. Is the mandatory for me to take builder NOC before selling the flat??
              (the society isn't formed yet and my purchaser is not going to take any home loan - as far as I know NOC is required by most banks for home loan).
              So, if the purchaser is not going to home loan, can we avoid taking NOC from builder and save around Rs. 1Lac as the builder is demanding money at Rs. 150/sq. ft.
              But, I heard from someone that NOC (from builder or society) would be required in any case?

              2. What would be the Stamp Duty and Registration charges now in 2015?
              ( currently SD is 6% and Reg. is 1% or 30000 max.)
              Amit!

              Comment

              • #27

                #27

                Re : Stamp Duty and Registration GST on Properties

                Originally posted by abhisharma View Post
                Yogesh -

                Please advice why RBI/govt is keen to increase reckoner rates every year?
                Does this not increase the cost of the property and influence it to further slowdown of the RE?
                Originally posted by rjsingh0
                There are lots of articles on the HOUSING AND THE ECONOMY policy
                Yogesh please share the best article as your views .


                Also same question from me to you that Abhisharma has asked to you.
                First of all sorry for late reply.

                Abhisharma,

                Please advice why RBI/govt is keen to increase reckoner rates every year?

                Revenue:
                Increase reckoner rates every year is done by the Maharashtra state Government, as it creates Revenue to the government.In the article above it say that it is the second biggest source of Revenue.Every year State Government increases it target to collect the revenue.During 2008-09, the income from stamp duty was Rs 8,384 crore, raised to Rs 10,901 crore in 2009-10 (30 per cent rise), Rs 13,411 crore in 2010-11 (23 per cent rise) and Rs 14,800 crore in 2011-12 (10 per cent). The collection rose to Rs 15,000 crore by end 2012-13.In 2011-12, Maharashtra government collected over Rs 14,000 crore as stamp duty from purchase and sale of property while in 2010-11 this figure was close to Rs 13,400 crore.The government intends to mobilise Rs 20,000 crore during 2013-14 through stamps and registration.But still even earning revenue the Maharashtra Government in debt.

                Expenses:

                After collection of money Maharashtra state Government do expenses too on below.

                1) Infrastructure and to repayment of interest taken on infrastructure loan:
                Money collected by the stamp duty is spend on making new road and old roads,Bridges, Metro,Highways,expressways etc and every year the cost of the infrastructure increases because of delay in clearance of environment and land issues.So cost of the infrastructure increases every year govt is keen to increase reckoner rates every year.

                2) Farmers loan and Farmers Electricity Repayment bill:
                Every year the Farmers do suicide on Farm loan and Farm Electricity Repayment bill and the numbers of suicide have been increases.With the help of revenue collected by the stamp duty govt repay their loan and electricity bills, as a package is declared as an immediate relief to the drought affected farmers.As numbers of suicide have been increases every year govt is keen to increase reckoner rates every year.

                3) Blackmoney:

                As every body know that every builder take the blackmoney. So govt want to catch the black money market.It want Market value should be equal to the Ready reckoner so that every one should pay in white money and govt can earn revenue from it.So every year builder increase property rates along with the black money, govt is keen to increase reckoner rates every year.

                4)Schools and city development:-
                Every year Govt has to development and maintain the schools and colleges.It also has to develop city plan.So every year the cost of development increase govt is keen to increase reckoner rates every year.

                5) Missing funds /corruption:-
                BJP govt in Maharashtra finds Rs 6,110 crore 'missing' funds - News

                6) Kaseb case and other case which are going on in the court for more than 40 years.
                Maharashtra government has spent Rs 53 crore on Kasab so far
                Maharashtra government has spent Rs 53 crore on Kasab so far - The Times of India

                And many more reason.


                Does this not increase the cost of the property and influence it to further slowdown of the RE?

                You truly said it does not increase the cost of the property but it is the second biggest source of Revenue to the Govt.

                Govt wants that if every builder in the state is earning profits then they should also be the the part of the profits but at the ends buyer has to suffer because builder is not going to pay from his pocket and either nor the government.

                Source of Revenue:
                Maharashtra mulls 10-25% rise in ready-reckoner rates from Jan 1 | Business Standard News

                Farmers suiciding History:
                Farmers' suicides in India - Wikipedia, the free encyclopedia

                Maharashtra urges companies to spend CSR money on schools - Livemint

                BJP govt in Maharashtra finds Rs 6,110 crore 'missing' funds - News


                rjsingh0

                There are lots of articles on the HOUSING AND THE ECONOMY policy and every year the Housing and the economy policy changes.It is just like update in the software.we have to update our self so I can't say which one is more interesting.for e.g this year govt have in increases the ready reckoner rate many be due to slow down in property the ready reckoner rate can come down by next year.

                Also the international rule changes every year for the NRI to buy the property.So sorry I cann't share the best article.
                Last edited January 1 2015, 03:25 PM.

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                • #28

                  #28

                  Re : Stamp Duty and Registration GST on Properties

                  LOL Stamp duty is confirmed increase by 15%

                  Last edited January 1 2015, 08:04 PM.

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                  • #29

                    #29

                    Re : Stamp Duty and Registration GST on Properties

                    Will have to borrow to pay salaries: Maharashtra CM Devendra Fadnavis

                    NASHIK: Chief minister Devendra Fadnavis on Friday said the state was facing an acute financial crunch and feared that his government might be compelled to take loans to pay the salaries of its employees.

                    Addressing a convention of the employees' union of three state electricity companies in Nashik, Fadnavis said, "The state is reeling from an acute financial crunch. The financial crisis was handed over to the present government by its predecessor. We are trying our best, but we fear the government may have to take a loan to clear the salaries of it employees."

                    The chief minister said the state's coffers were not only empty but in fact there was a loan worth Rs 3.5 lakh crore that the present government inherited from its predecessor. "The finance minister and all of us are discussing the ways and means to steer the government out of the situation. We are looking for solutions and the process has started," he added.

                    On the employees' pension scheme to the electricity company employees, the chief minister stopped short of announcing any relief. "The issue of pension for the employees is a long pending one and considering the developments during the past decade, the government is looking for the solution of it as well," Fadnavis said, but did not commit anything concrete.

                    Earlier this month, the chief minister said that Maharashtra at present had advances of Rs 3,25,000 crore and a revenue deficit of Rs 26,000 crore.

                    Read more at:
                    Will have to borrow to pay salaries: Maharashtra CM Devendra Fadnavis - The Economic Times
                    Last edited January 1 2015, 08:04 PM.

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                    • #30

                      #30

                      Re : Stamp Duty and Registration GST on Properties

                      Just a new page with the new news.Stamp duty is confirmed increase by 15%

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