The bustling of the busy street, the rushes in local trains and the amicable beauty of the Juhu beach remind of the splendid aura of Mumbai city. Regarded as one of the most populated cities in India, Mumbaikars will soon be having a massive expense while trying to purchase an abode in the suburbs of Mumbai. It is like a dream for several Indians to reside in Mumbai, but very soon the dream of purchasing a residential property will become expensive. This will be followed by the increase in stamp duties which are paid while purchasing the house and the end cost will as well rise.
The stamp duties have already hiked by one percent. On November 27, 2018, the Mumbai Municipal Corporation has extended the amendment bill for raising the stamp duty which got approved by the Maharashtra Legislative Assembly. With this hike in the stamp duty prices, the buyers will now have to pay higher stamp duty fees, and even the price of the house will therefore increase.
With the increase in the stamp duty fees as per the amendment bill by Mumbai Municipal Corporation, the real estate market in Mumbai will see an increase of the price in the property by 6% to 7% than earlier. This additional stamp duty will as well be used for the development of bus service, monorail, and the metro service.
It is estimated that a rise in the price of the stamp duty will affect the real estate companies in Mumbai. This is because stamp duty is mandatory while renting a property, purchasing a house, making property contracts and mortgage documents.
This is when buyers should check out several real estate website and know about the best property sites in India. This will somewhat ease the peril of paying extra for purchasing property in Mumbai. The additional charge for the stamp duties was levied to lessen the complications which the city is facing with the ever-increasing population. The roads here are often congested with traffic, making it perilous for office going individual, students, and others. Thus Maharashtra government is introducing projects such as Monorail, Eastern Freeway, Metro service, and Bandra-Worli Sealink. The money collected from the additional stamp duty will be leveraged to benefit the development of these projects.
Thus, paying some additional income for purchasing a residential abode will ultimately help the residents who are tired of the growing traffic problems that affect the pace of the city. So it can, however, be regarded as a boon in disguise as the revenue earned from the additional stamp duty will ultimately benefit the government who can take up the speedy measure for their development projects.