A waiver on stamp duty will be given while transferring land to development agencies – Maharashtra.

By Abhay Shah, Realty Quarter

Owners of the land transferring their property to development agencies, including the MMRDA for ‘public good’ will no longer have to pay stamp duty on transfer. The policy shall be applied in the future. On Tuesday the state cabinet adopted the resolution to waive off the stamp duty on these transfers.

Revenue authorities have stated that the exemption is on the property where the development plan marks a reservation for public amenities.

“This land is purchased by the authority, instead of transferring the development rights. An agreement is signed and stamp duty of 5% of the rate of Ready Reckoner applies to this instrument. Only in these cases has the stamp duty been waivered,” said an official.

“Often, the landowner would refuse to pay the stamp duty due to which the transfer would be stopped.”

In 2003, a similar policy was implemented for all municipal officials, and now it was widened to government officials, including the Maharashtra Industrial Development Corporation, and Pune and Nagpur Development Agencies.