Maharashtra Government makes Significant Announcement for Female Homebuyers

By: WE Staff | Thursday, 1 June 2023

The Maharashtra government has removed a substantial barrier that it had placed in the way of female property purchasers who qualify for a 1% stamp duty refund. Devendra Fadnavis, the current deputy chief minister of Maharashtra State, lifted this prohibition on 31^st May, 2023.

For the next 15 years, the Maharashtra government has prohibited female property buyers who are receiving a 1% stamp duty refund from selling residential properties to a male buyer.

The 15-year limit, however, has been eliminated by the state administration. The 1% stamp duty discount for female homebuyers will remain in effect.

On March 8, 2021, International Women's Day, the deputy chief minister at the time announced a 1% reduction in stamp duty for women.

"The woman cannot sell the paid property to any male person with a lock-in period of 15 years from the date of purchase," the 2021 announcement further stated. Women who disobey will be required to pay 1% stamp duty + penalty.

It should be highlighted that women can only receive a 1% discount on residential homes; it does not apply to commercial or industrial properties. Women can take advantage of a 1% stamp duty discount if they want to buy immovable property (only residential) on their own or with another female co-owner.

India's residential real estate market:

The residential real estate market in India has reportedly continued to expand, according to a research by Anarock Property Consultant. With 3.47 lakh crore (roughly) units sold, 36% more than the year before, FY2023 had the largest sales volume in seven major cities. According to the Ananrock study, residential properties were sold last year for $3.47 billion.

30% of the total units sold during the year were in the Mumbai Metropolitan Region (MMR), and this sold stock was valued at 1.67 lakh crore, accounting for 48% of the sales value share, according to the study.