Real Estate Mumbai

Maharashtra Cabinet Introduces Stamp Duty Abhay Yojana 2023 to Boost Revenue

In a bid to enhance revenue and provide relief to citizens, the Maharashtra cabinet has unveiled the Stamp Duty Abhay Yojana (Amnesty Scheme) 2023. This initiative, announced on November 29, comes as a significant move to ease financial burdens related to stamp duty and penalties.

Amnesty Scheme Details

The Stamp Duty Abhay Yojana offers an exemption on stamp duty and penalties for deed registrations carried out between January 1, 1980, and December 31, 2020. This means individuals involved in property transactions during this period can benefit from reduced financial obligations.

It's important to note that deeds not filed or registered during the specified time frame will not be eligible for exemption under the Abhay Scheme, as clarified in the government's official statement.

Phased Implementation

To streamline the execution of the amnesty scheme, the Maharashtra government has planned a two-phase approach. The first phase will run from December 1, 2023, to January 31, 2024, providing an initial window for citizens to take advantage of the scheme. The second phase will follow, lasting from February 1, 2024, to March 31, 2024, offering an extended period for eligible individuals to avail themselves of the benefits.

Stamp Paper Procurement Guidelines

The exemption under the Abhay Yojana is applicable exclusively to stamp papers purchased from Government-recognized stamp dealers or authorized mechanisms operating under the Chief Controller of Revenue. This measure ensures the authenticity and compliance of the stamp papers involved in the amnesty scheme.

Boosting Revenue Through Financial Relief

The introduction of the Stamp Duty Abhay Yojana aligns with the government's dual objective of enhancing revenue streams and providing financial relief to citizens. By encouraging individuals to regularize their deed registrations within the stipulated period, the scheme aims to strike a balance between fiscal responsibility and citizen-friendly policies.

Conclusion

The Stamp Duty Abhay Yojana 2023 stands as a proactive measure by the Maharashtra cabinet to address longstanding financial concerns related to stamp duty and penalties. As the state moves forward with the phased implementation of this amnesty scheme, it not only provides a financial respite to citizens but also contributes to the overall economic stability and growth of the region.

Highest Capital Appreciation Recorded : Oberoi Exquisite Sets Records in Goregaon East

In a noteworthy real estate development, Oberoi Exquisite in Goregaon East has achieved a milestone by recording the highest property prices in the area, putting it on par with upscale locations like Worli and Lower Parel, including examples like Lodha Park. For instance, a 1083 sq.ft 2 BHK flat in these areas can easily fetch around 5.00 Crores.

Oberoi Exquisite made its debut in October 2009 with a base value on built-up areas ranging from 1820 to 1081 sq.ft carpet and approximately 1300 sq.ft of usable space, featuring 3 bedrooms, a living area, kitchen, 3 bathrooms, and 2 balconies. Notably, the purchase price by Bollywood actor Ranveer Singh, who acquired two units in 2014, would have been considerably higher, estimated at around 8 Crores and the current sale is for 15 Crores. This substantial appreciation in value is attributed to the surge in Oberoi Garden City's property prices during that period.

The launch price in 2009 started at 9500 per square foot (PSF) plus a 1% floor rise, resulting in a rate of Rs.13,585 on the built-up area, equivalent to Rs.22,875 PSF. Fast forward to the present, Ranveer Singh's recent sale was concluded at approximately Rs.57,700 PSF, marking a substantial increase in property value.

The average price for a 3 BHK in Oberoi Exquisite currently ranges from 6.35 Crores on lower floors to 7.00 Crores on higher floors, depending on factors such as the flat's condition and location within the complex. The dynamics at play in Oberoi Garden City reflect a classic supply and demand scenario, with the upcoming Oberoi Elysian Tower A and B, featuring a large inventory scheduled for 2026-2027, contributing to a shortage of high-quality, ready-to-move-in options.

Ranveer Singh's sale of Jodi flats, complete with favorable Vastu and scenic views within the complex, coupled with an impressive six parking slots, is deemed a lucrative deal for both the actor and the fortunate new buyer, particularly one already familiar with the merits of residing in Oberoi Exquisite.

It must be noted that all Oberoi Realty projects have shown a constant capital appreciation across the Western Suburbs and projects like Oberoi Woods, Oberoi Springs and Oberoi Splendor are nearly 4 times there launch prices. Oberoi has now launched Oberoi Forestville in Thane and will be coming up with Elysian C wing and the possession of Oberoi Skycity.

As retirement approaches, it's crucial to consider two fundamental aspects: succession planning and estate planning, which essentially involve making arrangements for the future of your family and your assets.

Succession planning is like choosing a leader for your family or business after you retire. It's about picking someone you trust to take care of things and make decisions. On the other hand, estate planning is about deciding who gets what when you're not around. This involves making a plan for your money, your house, and anything else you own. These plans are like a guide for your family, making sure everything is handled the way you want it to be.

Recently, in the news, famous Bollywood stars Amitabh Bachchan and Jaya Bachchan did something similar. They gave their big and beautiful house, called Pratiksha, in Mumbai to their daughter, Shweta Nanda. This wasn't just a simple gift; they filled out special papers called gift deeds to make it official. The house is quite large, spread over a total of 16,840 square feet, and the gift deeds make sure that each part of the property is transferred correctly. Mr.Bachchan is known to have a good amount of interest in real estate in Mumbai. He has 3 Bunglows in Juhu, Properties with Oberoi Realty, Lotus Group and Parthenon.

This news highlights the importance of planning, even for well-known personalities. It shows that making sure your family knows what to do with your things is essential, no matter who you are. Just like these famous actors, when you retire, it's wise to talk to experts—people who know a lot about money and legal stuff. They can help you create plans that make sure everything is taken care of for your family. So, as you get ready for retirement, consider talking to these experts to ensure a smooth transition for your family and your assets, just like the Bollywood icons did for theirs.