The Maharashtra State Government has announced a special concession on stamp duty for integrated township projects.
Under this new policy, developers can avail themselves of a one-time 50% rebate on stamp duty at the time of the purchase of land or sale of units. The projects cleared by the authority with retrospective effect from 2018, as stated in the GR, will be given to only those projects that have been cleared by the authority. An integrated township is a self-sustained township that includes both residential and commercial developments and infrastructural development like roads, shopping centres, colleges, hospitals, and grocery stores. Presently, the state government has given approval for 30 integrated townships, while some projects are still in the development stage, including eight in Pune state.
This initiative by the government would encourage more such proposals, and those who have not yet availed themselves of the concession can get it for their next project. The GR clearly announced that projects that have been cleared by the authority are eligible to avail themselves of the concession only once. The Maharashtra state government, with this stamp duty concession, aims to encourage the development of more integrated townships that will create more well-planned urban development within the state.
