The state Urban Development Department has said that 1% metro cess would be levied on property purchases from April 1 in Pune, Mumbai and Nagpur. Metro cess is a property surcharge which is 1% of the property value and intended to fund transport infrastructure projects in cities, like bridges, metros and flyovers.
This regulation would mean that the stamp duty on property registration would increase significantly. In Mumbai it would go from 5% to 6%, and from 6% to 7% in Pune, Nagpur and Thane. Homeowners would have to pay more upfront to buy property in Maharashtra starting April 1, 2022. Considering the pandemic, the current state government resolution had restricted the imposition of metro cess in these cities till March 31.
If you dream of a Mumbai home, plan now and decide soon to avail the best possible prices. Explore 1, 2 and 3 BHK homes by Suraj in Dadar, Mahim and Prabhadevi today.
Source: The Times of India