The government of Maharashtra empowers women homebuyers by eliminating the 15-year sale lock-in period

The Maharashtra government lifted a substantial restriction it had placed on female property buyers who receive a 1 percent stamp duty rebate on their purchase. Earlier, the state government had made it illegal for women property buyers who are eligible for a 1 percent stamp duty rebate to sell residential properties to a male buyer for the following 15 years, but now it has decided to do away with the 15-year lock-in period but has not touched the 1 percent stamp duty concession given to the women buyers, as per a report.

“It must be noted that women homebuyers can avail a concession of 1 percent on residential property only, and it is not applicable on commercial or industrial properties. If women desire to purchase the immovable property individually or with a co-owner (only female), they can avail of the concession of 1 percent in stamp duty,” the announcement made by the Maharashtra government on the concession earlier on Women’s Day said, as quoted.

“The woman cannot sell the paid property to any male person with a lock-in period of 15 years from the date of purchase. If women fail to abide, they will be liable to pay 1% stamp duty plus penalty on it”. The earlier announcement also said

It should be emphasised that women in Maharashtra are only eligible for a 1% discount on residential properties, not on commercial or industrial ones. The report added that women can take advantage of a 1% stamp duty discount if they want to buy immovable property (only residential), either individually or with another woman as a co-owner.

According to a study by Anarock Property Consultant, the residential real estate sector in India has kept expanding. Approximately 3.47 lakh crore worth of units were sold in FY2023 a 36% increase over the previous year recording the highest sales volume in seven major cities. Residential homes were sold last year for $3.47 billion, as quoted in a report.