The Maharashtra state cabinet has introduced several significant measures aimed at increasing state revenue and addressing the housing challenges in urban areas. On September 30, 2024, the cabinet made critical decisions regarding amendments to the Maharashtra Stamp Act, 1958, concessions for Metro III project-affected persons, and the transfer of salt pan lands for housing projects.
Amendment to the Maharashtra Stamp Act for Revenue Enhancement
One of the key decisions taken by the cabinet is to amend the Maharashtra Stamp Act, 1958. The amendment focuses on simplifying and making the forms more precise, thus improving ease of doing business within the state. In addition, the revision aims to bring flexibility to the existing rate structure under various articles and Schedule One of the Stamp Act.
According to officials, this amendment is expected to increase the state’s revenue by approximately ₹100 to ₹150 crore annually. The change will also make stamp duty collection more efficient and business-friendly by introducing simplified procedures.
Stamp Duty Concession for Metro III Project-Affected Persons
In another major move, the cabinet has approved a stamp duty concession for persons affected by the Metro III project. Specifically, this decision benefits the residents and tenants of buildings near the Girgaon and Kalbadevi metro stations, who are being displaced by the project.
Under this decision, those who are rehabilitated will only have to pay a nominal stamp duty of ₹1,000 on the required documentation for their new homes. This move ensures that the financial burden on displaced persons is minimized while the rehabilitation process is expedited.
Transfer of Salt Pan Lands for Affordable Housing
To accelerate affordable housing projects for the poor, the cabinet has decided to transfer salt pan lands from the Centre to the State Government. The decision includes areas in Kanjur, Bhandup, and Mulund, where these lands will be utilized for slum rehabilitation, rental housing, and affordable housing projects for the Economically Weaker Sections (EWS).
The responsibility for ensuring proper use of the land has been assigned to the Dharavi Rehabilitation Project, which will oversee that the land is dedicated to housing projects that meet the state’s goals for inclusive development. Additionally, a Special Purpose Vehicle (SPV) will be created to manage the cost of rehabilitating the people currently living on the salt pan lands.
Conclusion
The Maharashtra state cabinet has taken steps to significantly improve the state’s revenue and address the urgent housing needs of the economically weaker sections. By amending the Stamp Act, providing relief to Metro III project-affected persons, and utilizing salt pan lands for affordable housing, the state is set to boost its economic and social development initiatives.