Mumbai is seeing a surge in demand for high-end residential properties, as buyers rush to buy homes before April in a bid to reduce their capital gains tax.
Union Finance Minister Nirmala Sitharaman, while presenting the Budget, recommended capping the deduction from capital gains on investments on residential properties at Rs 10 crore from coming financial year.
In all, 3,244 properties have been registered in Mumbai in the 11 days of this month, as per data with the state registration and stamps department. This has led to revenue generation of Rs 249.42 crore through stamp duty and registration fees.
Across the state, 46,811 conveyance deeds have been registered so far this month, generating revenue amounting to Rs 877.79 crore.
In Maharashtra, homebuyers pay 6 per cent stamp duty and 1 per cent registration fees besides other taxes such metro cess and local body tax, among others. Women homebuyers get a 1 per cent waiver in stamp duty fees.
Real estate experts expect good sales in the luxury property segment this month with tax on capital gains coming into force from April.
The major driver for robust sales of high-end homes in Mumbai and other top cities is believed to be the Centre’s recent announcement in the Union Budget to cap capital gains at Rs 10 crore. Experts expect that March will also see at par revenue collection as seen in February.
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March 12, 2023 at 01:23AM
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High-end home demand surges, 3,244 properties sold in 11 days - The Indian Express
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