In a significant change, the Maharashtra government has agreed to ease a major restriction it had placed on women who purchase real estate and receive a 1 percent stamp duty rebate.
For a period of 15 years, the state government prohibited women property owners who choose the 1% stamp duty refund from selling residential properties to men.
According to Deputy Chief Minister Devendra Fadnavis on Wednesday, the 15-year restriction has now been lifted.
It should be emphasised that women in Maharashtra are only eligible for a 1% discount on residential properties; the discount does not apply to industrial or commercial properties.
On Women's Day in 2021, the concession was announced, said: "It must be noted that women homebuyers can avail a concession of 1 percent on residential property only and it is not applicable on commercial or industrial properties. If women desire to purchase the immovable property (residential only) individually or with a co-owner (only female) can avail of the concession of 1 percent in stamp duty.”
“The women cannot sell the said property to any male buyer for 15 years from the date of purchase. If a woman does it, she will be liable to pay 1% stamp duty, plus penalty on it."
The Maharashtra Housing and Area Development Authority (MHADA) reported on Wednesday that a week after announcing the Mumbai lottery, it had received more than 16,000 applications for 4,083 properties.
The flats, which range in area from 200 sq ft to 1,500 sq ft, are priced between Rs 24 lakh to Rs 7.57 crore. The application must be submitted no later than June 26. The lottery's results will be revealed on July 18 this year.
All sections, including the Economically Weaker Section (EWS), the Lower Income Group (LIG), the Middle Income Group (MIG), and the High Income Group (HIG), are eligible to purchase one of the 4,083 homes that MHADA has listed for sale in the Mumbai real estate market.
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