Stamp Duty Rates Mumbai
Every December the Government of Maharashtra revises the Stamp Duty ready reckoner rates. These rates usually go up from 10 to 20% each year and thus making the minimum purchase price in a particular location on the basis of the Ready Reckoner Rates.
Let us understand what it means for a Property Buyer or an Investor in case you have not paid the Stamp Duty till date :
1. If you have not paid the Stamp Duty still and have taken the property as an Investor or an End User a few years back, then you just need to check the rate your agreement value is and compare the same with the existing Ready Reckoner Rate. In case you are nearly at Par, then you have 2 choices, either to do the Stamp Duty now or wait for the Price hike in the ready reckoner, if the rate goes up by 10% for example, then you will have to pay 5% of that 10% increase more than what you would have not paid otherwise.
2. Most of the Investors who have bought A grade or expensive properties already may not be impacted by this, but it important and worth it to check with your Developer about the present rates in the Location.
It will be interesting to see what the Government comes up this December, owing to the fact, that the property market has shown signs of depression. Also, if the Government increases the Ready Reckoner Rates, then the most advantage situation is for the Developers who may have smaller projects with lesser amenities or no amenities, there basic rates goes up and they are easily able to justify to the buyer that look the Circle Rates or the Ready Reckoner Rates are already high.
So it is in your best interest to make that one call to the Developers and understand the Agreement value and the corresponding Ready Reckoner Prices.