Many of us have been making plans of buying a property in a city like Pune for the past few years. However, due to some or the other reasons, could not finalize onto a property. But now that the scenario in the real estate industry in the city and the complete state of Maharashtra in general is not the same as few years back, people who have been showing interest in making a property investment or purchase may now have to dig their pockets for more money for the same property. The State government of Maharashtra has recently imposed a 5% of stamp duty on all the property purchases in the places that fall under municipal boundaries throughout the state.
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| Stamp Duty |
However, this would result in a further rise in the price of the property, the overall effect of only this would not have a huge impact. For an example, if we consider a property worth Rs. 50 Lacs located in within the municipal corporation limits of the city named “ABC”, the total cost would add up by only 0.34% for the one who is buying that property. This would happen if it is properly analysed keeping in mind the rise in stamp duty. Also, a similarly costing property is situated in the municipal council’s limits, it would charge a lesser stamp duty , say 4%, and even lesser, if it is situated in a Gram Panchayat where it would be just 3% or so. If you are a potential buyer and want to buy property in locations that fall in the outskirts of the city, then it would prove to be beneficial for you. These locations in the outskirts of the city would have many projects which are under construction that provide houses in affordable rates and low costs.
However, if you feel this is it to the impact of the increased stamp duty by 5%, then you may be wrong at the moment. As a buyer, you will still have to take into consideration the overall impact of this increase in stamp duty which has been recently proposed to be taxed at a raised rate referring to the measures brought in by the Central Budget. The increase in the service tax for property buying and commercial lease undertakings will also add to the total cost of the property. Hence, when we look at all of these factors, they may surely cause some intensity in the prices of the properties.
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