For a period of 15 years, the state government had prohibited women property owners from selling residential units to male buyers.
In a significant development, the Maharashtra government has made a decision to ease a major restriction that was imposed on women property buyers who were eligible for a 1 percent rebate on stamp duty for their purchase.
Previously, women property owners who opted for the 1 percent rebate on stamp duty were not allowed to sell residential units to male buyers for a duration of 15 years.
The concession, which was initially announced on Women's Day in 2021, specifies that the 1 percent rebate on stamp duty is applicable only to residential properties and not to commercial or industrial properties. Women who wish to purchase immovable property (specifically residential) individually or with a co-owner (only female) can take advantage of the 1 percent concession in stamp duty.
According to the notification, women who purchase property are prohibited from selling it to any male buyer within 15 years from the date of purchase. Violating this rule would result in a penalty of 1% stamp duty.
Deputy Chief Minister Devendra Fadnavis announced on Wednesday that the 15-year restriction has now been lifted.
It should be noted that women homebuyers in Maharashtra are eligible for a 1% concession on residential properties only. This concession does not apply to commercial or industrial properties.
If women wish to purchase immovable property (specifically residential) either individually or with a female co-owner, they can take advantage of a 1% concession in stamp duty.
A week after announcing the lottery for Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) has reported receiving over 16,000 applications for 4,083 homes.
The prices of these apartments range from Rs 24 lakh to Rs 7.57 crore, with sizes varying from 200 sq ft to 1,500 sq ft. The deadline for submitting applications is June 26, and the lottery results will be announced on July 18, 2023.
The 4,083 homes available for sale in the Mumbai real estate market by MHADA are intended for various sections, including the Economically Weaker Section (EWS), the Lower Income Group (LIG), the Middle Income Group (MIG), and the High Income Group (HIG).
MHADA has provided data indicating that out of the 4,083 allotted apartments, they have received a total of 16,476 applications, with 7,665 applicants having already paid the earnest money deposit.
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