Maharashtra Govt Slashes Stamp Duty For 99-Year Lease Housing Societies
Maharashtra Govt Slashes Stamp Duty For 99-Year Lease Housing Societies
Mumbai, July 8, 2026: In a major relief for thousands of cooperative housing societies in Mumbai and its suburbs, the Maharashtra government has significantly reduced the stamp duty payable for registering lease agreements on lands allotted on 99-year leases or occupancy rights.
Announcing the decision in the Maharashtra Legislative Assembly, Revenue Minister Chandrashekhar Bawankule said stamp duty for residential properties has been capped at 0.5%, while commercial properties will attract 1.5% stamp duty, replacing the substantially higher charges that societies were previously required to pay.
The announcement came in response to a discussion initiated by MLA Atul Bhatkhalkar, who pointed out that land allotted to housing societies during the 1960s and 1970s often remained unregistered due to administrative delays. He argued that compelling societies to pay stamp duty based on current market values was unfair and urged the government to calculate the charges based on the land value at the time of allotment.
Highlighting the impact of the revised policy, Bawankule cited several examples:
- Mittal Chambers Owners Co-operative Society: Stamp duty reduced from ₹101.21 crore to ₹10.68 lakh.
- New Makers Chamber: Duty reduced from ₹119.47 crore to ₹1.76 crore.
- Sea Lot Co-operative Housing Society, Colaba: Reduced from ₹176.82 crore to ₹27.05 lakh.
- Abhilasha Premises Society, Colaba: Reduced from ₹104.83 crore to ₹19.45 lakh.
During the debate, legislators also sought clarity on whether the concession would apply to Mumbai’s suburban areas. Bawankule confirmed that the revised stamp duty structure—0.5% for residential and 1.5% for commercial properties—will be applicable across Mumbai city and its suburbs.
The government also announced another significant relief by waiving the premium payable on transfers of flats in BDD Reclamation properties completed before 2015. Maharashtra Legislative Assembly Speaker Rahul Narwekar welcomed the decision, stating that it would benefit around 91 properties and nearly 1,500 flat owners in his constituency.
The state government said the policy is expected to resolve decades-old legal and registration issues for hundreds of cooperative housing societies in areas such as Nariman Point, Cuffe Parade, Colaba, Marine Drive, and other parts of Mumbai and its suburbs, while providing substantial financial relief to residents.
