Government to waive stamp duty for Navi Mumbai International Airport contracts.

By Abhay Harish Shah, Realty Quarter

On 4th June Maharashtra cabinet finalized of not charging any single amount as stamp duty for contracts which is related to the construction of the upcoming International Airport near Navi Mumbai.

The new airport is being developed by the CIDCO government agency. The job at the airport involves minerals excavation. An officer of the government said after the cabinet meeting at Mantralaya, that the royalties charged for the excavation would also be waived off.

The cabinet also decided to charge an Rs.1,000 flat stamp for the redevelopment of wasteful and hazardous structures in Mumbai for tri-party agreements.

The cabinet note stated that this would decrease the cost of redevelopment. The cabinet also decided to prolong the financial year 2019-20 for Atal Sahakari Abhiyan, which finances projects of cooperative societies.