Up ahead from January is a debilitating 30 per cent hike in stamp duty, increasing flat prices further
Up ahead from January is a debilitating 30 per cent hike in stamp duty, increasing flat prices further Mumbai Dreams: According to brokers, the new stamp duty rates will discourage buyers and may result in black marketing of properties.
The dream to own a house in the city is likely to get more expensive in 2010.
According to real estate sources, the ready reckoner rates based on which a buyer pays stamp duty in prime areas like Colaba, Cuffe Parade, Bandra, Santacruz, Vile Parle, Juhu and Andheri will rise by 10-15 per cent from January.
What's worse, stamp duty will be charged on carpet area instead of the built up area, which means an additional 10-15 per cent rise in the registration.
A buyer will therefore spend about 20-30 per cent more than the current rate for stamp duty registration.
Hike in rates
Starting next year, a buyer who would have paid Rs 5 lakh stamp duty on a flat worth Rs 1 crore, will pay around Rs 6 lakh next year, assuming a 20 per cent hike.
Currently, a buyer pays Rs 7,600 for an amount of Rs 5 lakh, which is around 1.5 per cent of the stamp duty.
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For an amount above that, the buyer pays five per cent stamp duty.
According to Vinod Sampat, president, Co-operative Societies Residents, Users and Welfare Association, the state government has come up with such schemes to make money.
Pay more
Ajay Chaturvedi, a property expert, said, "Till now, only builders looted buyers, but now the government is doing it too.
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The steep increase in the ready reckoner rates will keep buyers away, as they will have to pay extra money, apart from what they pay the builders."
D Salunkhe, an officer from the registrar office, said, "I don't have details on the ready reckoner rates, which will come out only on January 1, 2010."
Black market
According to property brokers, the new rates may increase black marketing of properties.
"Buyers who want to save their money will be deterred from paying in white money and will manipulate the payment through cash and cheques," said Sangeet Kumar, a property broker from the western suburbs.
MHADA Update
The Supreme Court, meanwhile, refused to grant any interim order staying the allotment of the 3,863 tenements to the MHADA lottery winners yesterday.
On October 6, the Bombay High Court granted stay on the allotment of the flats to the winners, but it was lifted on October 15 after the MHADA CEO filed an affidavit assuring the court that officials had scrutinised every copy.
Ready Reckoner
The ready reckoner is an annual document brought out by the registration and stamp office, which lists information related to the real estate market and also property rates.
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