housing societies

Maharashtra cuts stamp duty on 99-year lease agreements for Mumbai housing societies

Maharashtra Revenue Minister Chandrashekhar Bawankule announced a steep reduction in stamp duty for 99-year lease agreements of cooperative housing societies in Mumbai. Residential properties will attract a maximum duty of 0.5% and commercial properties 1.5%, down from previous rates that ran into crores. The move is expected to benefit hundreds of societies on government land across Mumbai city and suburbs.