Owning a home in Pune and Pimpri Chinchwad has become costlier as the Maharashtra State Government decided to increase the surcharge on stamp duty by 1 percent on the purchase of a new home. This decision is applicable from 8th February to offer financial funding to the ongoing transport projects particularly the three metro routes.
The Devendra Fadnavis-led state government took the decision to add 1% surcharge on stamp duty to initiate funds for the under construction infrastructure works such as Metro, monorail and freeways in the city.
To imply this addition, the Government amended the Municipal Corporation Act in November 2018 and this additional surcharge was introduced in Mumbai in the previous year and the same has been implicated in Pune earlier this month.
The Urban development department floated a notice last week and it stated that the State Government has ordered extra stamp duty surcharge under Section 149B of the Maharashtra Municipal Corporation Act, 1949 for buying property in the jurisdiction of the corporations in which the metro projects are currently going on.
According to the State Government, the implication of additional surcharge is important to offer financial funding to various urban Infrastructure projects and thus the additional surcharge is levied on the properties of the Pune and Pimpri Chinchwad region.
The State Government will offer the additionally generated amount from the surcharge on stamp duty to the Corporation and these agencies can use this money to develop various infrastructural works.
Nitin Kareer, Urban development principal secretary said that the same pattern will be implemented in other cities that foresee execution of urban transport system.
A Senior revenue official said that an extra 1% surcharge will surely increase the value of property registration and we are following the policy. However, we did not increase Ready Reckoner rates in the last one year and the developers also didn’t drop the prices of their projects.