Maharashtra govt’s makes big announcement for women homebuyers

The Maharashtra government has relaxed a significant restriction that it had imposed on women property buyers who get a 1% rebate on stamp duty on their purchase.

The Maharashtra government did not allow women property buyers who are availing the benefit of a 1% rebate on stamp duty to sell residential units to a male buyer for the next 15 years.

However, the state government has removed the 15-year cap. The women property buyers will continue to enjoy a 1% concession on stamp duty.

On International Women's Day (8 March) in 2021, the then Deputy Chief Minister announced a concession of 1% on stamp duty for females.

The 2021 announcement also mentioned, "The woman cannot sell the paid property to any male person with a lock-in period of 15 years from the date of purchase. If women fail to abide will be liable to pay 1% stamp duty plus penalty on it".

However, this restriction has now been removed by the current Deputy CM Devendra Fadnavis on Wednesday.

It must be noted that women homebuyers can avail a concession of 1% on residential property only and it is not applicable on commercial or industrial properties. If women desire to purchase the immovable property (residential only) individually or with a co-owner (only female) can avail of the concession of 1% in stamp duty.

India's residential real estate market:

According to a report by Anarock Property Consultant, India's residential real estate segment has continued to grow. FY2023 recorded the highest sales volume in seven metropolitan cities with ₹3.47 lakh crore (approx) units sold--36% higher than the previous year. Last year ₹3.47 lakh crore residential properties were sold as per the Ananrock report.

"Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume - 30% of the total units sold during the fiscal were in MMR, with this sold stock valued at ₹1.67 lakh crore, accounting for 48% in sales value share," the report added.