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Maharastra Govt offers amnesty plan to property owners

Maharastra Govt offers amnesty plan to property owners

Apnaloan.com Research Bureau

16 May 2008

Property owners can register conveyance deeds by paying stamp duty with nominal penalty.

The Maharastra government has come up with the amnesty plan for those property owners whose builders have not yet signed the conveyance deed by paying a stamp-duty as applicable on the date when the deed was executed.

Such flat owners have the option of registering the property in their name by paying a nominal penalty on the stamp-duty. The penalty will range between Rs. 250- Rs. 500 and the hefty penalty for the delay will be waived. This scheme is applicable for properties falling under the Maharastra Ownership of Flats Act, 1963.    

The normal rates of the penalty are higher than the stamp-duty, under normal circumstances. The penalty as of date, for the stamp-duty is 2 per cent per month, a maximum of 200 per cent.