Mumbai may attract extra 1% surcharge to Home Buyers

The Property in Mumbai BMC has proposed to levy a 1% surcharge on all property transactions and even in cases where a property is gifted.

BMC has requested the state to amend the Maha rashtra Stamp Act and BMC Act to introduce the surcharge. As of now, the state collects stamp duty and registration charges; it collected Rs 20,000 crore across the state in 2016-17.