The tri-party agreement for redevelopment between Maharashtra Housing and Area Development Authority (MHADA), developer and flat owners will attract the stamp duty of just Rs 1,000.
The state government has decided to take this decision to speed up redevelopment of MHADA colonies.
Similar decision was also taken for BMC owned properties by the state government in June this year.
Currently stamp duty is charged as per market rates which can run into crores and often become bone of contention between residents and developer on how to share this stamp duty.
The stamp duty for redevelopment of MHADA colony at Kala Chowkie Abhydaynagar was around Rs 50 crore and due to dispute between developer and tenants on how to share it, registration of agreement has been delayed by more than year.