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Stamp Duty Rates In Mumbai Increased By 1% On Properties

Posted by Admin on November, 28, 2018

The state called it a surcharge that is a percentage of the land/property value. It will push up property stamp duty to 6% from the current 5%, making buying flats costlier in the city.


Mumbaikars will soon have to pay 1% additional stamp duty on property to fund transport infrastructure projects in the city, like metro and mono rail, bus rapid transport system (BRTS), freeways and sea links.

The state called it a surcharge that is a percentage of the land/property value. It will push up property stamp duty to 6% from the current 5%, making buying flats costlier in the city.

The bill amending the Municipal Corporation Act to allow the enabling provision was passed in the legislative assembly on Tuesday without discussion.


The 1% additional levy has been in place under the other urban local bodies after the Local Body Tax was abolished in 2015. Officials said Mumbai alone was not taxed.

Across the state, 21.5 lakh documents were registered last year and the revenue earned was Rs 26,500 crore. In Mumbai, about 2 lakh documents are registered annually and last year, the revenue earned was Rs 10,500 crore.

This year, given the recession in the real estate industry, the target has been lowered to Rs 10,000 crore for Mumbai and to Rs 24,000 crore across the state, said officials.



This entry was posted on November, 28, 2018 at 13 : 29 pm and is filed under Buyers Guide to Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.

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