MUMBAI: Maharashtra Revenue Minister Chandrashekhar Bawankule announced on Tuesday a significant reduction in stamp duty for 99-year lease agreements for cooperative housing societies in Mumbai. Residential properties will now have a maximum stamp duty of 0.5%, while commercial properties will face a rate of 1.5%.
The announcement came in response to a calling attention motion by Atul Bhatkhalkar (BJP), who highlighted that numerous cooperative housing societies have struggled to register lease agreements due to procedural delays and high stamp duty rates.
Bawankule stated that the updated policy would offer considerable relief to societies situated on government land leased for 99 years. For instance, the stamp duty for Mittal Chambers Owners Cooperative Society in South Mumbai will decrease from approximately ₹101.21 crore to around ₹10.68 lakh.
Similarly, the dues for New Maker Chambers will drop from about ₹119.47 crore to ₹1.76 crore, while Sea Lot Cooperative Housing Society in Colaba will pay roughly ₹27.05 lakh instead of ₹176.82 crore. Abhilasha Premises Society’s stamp duty will also be reduced from approximately ₹104.83 crore to ₹19.45 lakh, the minister added.
Addressing concerns from some members, Bawankule clarified that the reduced rates will apply uniformly across both the city and suburban areas of Mumbai.
He also revealed that the government has eliminated the transfer premium on flats in the BBD Reclamation area for transfers made before 2015, aiding around 1,500 flat owners across 91 properties.
Speaker Rahul Narwekar, the MLA from Colaba, expressed gratitude on behalf of the affected property owners to the government and the revenue minister.
The minister emphasized that this decision is expected to provide significant financial relief to numerous cooperative housing societies in areas like Nariman Point, Cuffe Parade, Colaba, Marine Drive, and Mumbai’s suburbs.
