If you are planning to purchase a house for your wife and family in the Mumbai real estate market, which is also known as the costliest real estate market in India, you can save 1% on stamp duty by purchasing the house under the name of your wife or any women member in the family.
According to the Maharashtra government provision, currently a 1% discount is offered on stamp duty to women homebuyers in the entire state including in Mumbai.
However, the caveat is the house has to be purchased in the name of women homebuyer. If the house is purchased under joint name, the second name cannot be of a male homebuyer in order to avail discount on stamp duty.
The current stamp duty in the state of Maharashtra varies between 5% to 7% of the total agreement value depending on each city and district
The stamp duty in Mumbai real estate market is 6% of the total agreement value, and in case the house is purchased under the name of a women homebuyer, the stamp duty goes down to 5%.
For example, if one purchases a house worth Rs 1 crore in Mumbai, the stamp duty for male homebuyers will go up to Rs 6 lakh and for women homebuyers it will be Rs 5 lakh.
Women homebuyers:
According to rough estimations, the total number of women homebuyers in the Mumbai real estate market is not more than 10%.
"Out of the total number of homebuyers, we can say approximately 10% of the homebuyers are women homebuyers," said Vivek Rathi, National Director - Research at Knight Frank India, a real estate consultancy firm.
In Mumbai, on an average around 10,000 properties are registered on a monthly basis of which 80% are residential properties and 20% are in other segments. In February 2024, Mumbai real estate market reported 11,742 property registrations, 21 percent more than 9,684 property registrations in February 2023.
On a month-on-month basis, there was a 7 percent increase as 10,967 properties were registered in January 2024, according to the Maharashtra government data.
Women borrowers:
Meanwhile, according to data from credit bureau CRIF High Mark, the overall home loan appetite of women has increased from 32% of total home loans in December 2022 to 33% in December 2023. The overall portfolio of home loans in December 2022 stood at Rs 30,52,041 crore, which rose to Rs 34,24,994 crore in December 2023.
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