Maharashtra Govt Removes 15 Year Sale Lock-in Period For Women Homebuyers

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In a major development, the Maharashtra government has decided to relax a significant restriction that it had imposed on women property buyers who get a 1 per cent rebate on stamp duty on their purchase. All this while, the state government didn’t allow women property owners, who opt for the 1 per cent rebate on stamp duty, to sell residential units to male buyers for a period of 15 years.

The concession, which was announced on Women's Day in 2021, said: "It must be noted that women homebuyers can avail a concession of 1 per cent on residential property only and it is not applicable on commercial or industrial properties. If women desire to purchase the immovable property (residential only) individually or with a co-owner (only female) can avail of the concession of 1 per cent in stamp duty.”

The notification noted: “The women cannot sell the said property to any male buyer for 15 years from the date of purchase. If a woman does it, she will be liable to pay 1% stamp duty, plus penalty on it."

The 15-year cap has now been removed, said Deputy Chief Minister Devendra Fadnavis on Wednesday.

It must be noted that women homebuyers in Maharashtra can avail a concession of 1 per cent on residential property only and the concession is not applicable on commercial or industrial properties.

If women desire to purchase the immovable property (residential only) individually or with a co-owner (only female) can avail of the concession of 1 per cent in stamp duty.

On Wednesday, the Maharashtra Housing and Area Development Authority (MHADA) said it has received over 16,000 applications for 4,083 homes a week after it announced the lottery for Mumbai.

The apartments are priced between Rs 24 lakh and Rs 7.57 crore, ranging from 200 sq ft to 1,500 sq ft. The last date for submission of the application is June 26. The results of the lottery will be announced on July 18, 2023.

The 4,083 homes put on sale in the Mumbai real estate market by MHADA are meant for all sections -- the Economically Weaker Section (EWS), the Lower Income Group (LIG), the Middle Income Group (MIG), and the High Income Group (HIG).

According to data provided by MHADA, for the 4,083 allotted apartments, it has received 16,476 applications and 7,665 applicants have already paid the earnest money deposit.

Source: businesstoday.in

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