Pune News | After redevelopment, members of societies will have to pay only ₹1,000 as stamp duty
PUNE : Pune News | The state government has taken an important decision regarding redevelopment of cooperative housing societies. After a society is redeveloped, only ₹1,000 stamp duty will be charged from old residents for their new flat. The decision is likely to boost redevelopment of societies.
In the redevelopment project, since there is no third beneficiary, there is no need for an agreement. Since existing owners are given flats after redevelopment, the beneficiary of projects under PM Awas Yojana are charged a stamp fee of ₹1,000. Similarly, the state government has decided to charge stamp duty of ₹1,000 from members of cooperative housing societies.
If some flats in redevelopment projects are sold in the open market, then the stamp duty is charged as per the market rates.
In Pune district, there are 18,000 cooperative housing societies and 15,000 apartments. 10,000 societies are old and the government decision may benefit them.
The rules
The member mentioned in the agreement should submit the share certificate showing that he is the old owner of the flat or submit a letter issued by the chairman or secretary of the society.
The stamp duty on flats available for sale in the open markets will be charged as per market rates.
The government orders states that if a member of a society is buying more area than what is given to him for free, he will have to pay stamp duty as per the rules.
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