Effective rate: The Maharashtra government lowered stamp rates by 3% on August 26, 2020 until December 31, 2020 to boost real estate sales hard hit by the coronavirus pandemic. From January 1, 2021 to March 31, 2021, the reduction is 2%. Maharashtra Stamp Tax Amnesty System 2019: How it works. Rural areas: In countries such as Haryana, buyers of real estate in urban areas have to pay higher taxes than buyers of real estate in rural areas. If the property is purchased primarily for residential purposes, the purchase of real estate in areas outside the municipal territory could help the buyer to save on stamp fees. It should be remembered that, unlike most developed, developing and even underdeveloped countries in the world, stamp duty is relatively high in India. In most countries, stamp duty rates are currently below 5%, while in almost all major countries in India they are higher than these. In some cases, to save stamp duty, people show an undervalued house price, in agreement. The government is suffering a loss of revenue as a result of such tax evasion. How is stamp duty in Maharashtra calculated based on discounts and premiums on finished billing rates? Registration fees are usually set by the centre and are, on the whole, fixed cross states. Some states, such as Haryana, also charge a standard fee as a registration fee. Stamp duty and registration fees are generally the third or fourth source of revenue for states and contribute significantly to their annual GDP. Homebuyers must organize stamp duty and registration fees on their own resources, as banks do not take these expenses into account when assessing real estate costs.
Thus, banks lend only 80% of the value of real estate. In addition, banks use their own methods to assess real estate. This means that if a property is sold for Rs 1 Kern, the bank cannot lend 80 Lakhs or 80% of the money if it finds in its valuation that the property is valued at only 90 Lakhs. In this case, it will issue 80% of the 90-Rus, i.e. 72-Rs.- as real estate credit. In this case, it is the buyer`s responsibility to arrange the balance at the same time as stamp duty and registration fees. This means that even if the buyer in Delhi has to spend almost Rs 1.06 Crores as a total price to buy and save a house worth Rs 1 crore, the bank will only grant him Rs 72 Lakhs as a loan.