Mumbai reduces stamp duty on housing lease agreements to 0.5%
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…