| Jayant Patil presented a revenue surplus budget of Rs 305.85 cr ore for 2006-07 |
The govt hopes to rake in Rs 5,000 cr from stamp duty collections, a 23% hike
With the state capital Mumbai accounting for 70% of all stock market transactions in the country, the state hopes to mobilise Rs 5,000 crore, a 23% increase over the previous year in stamp duty collections, despite the cut in rates. The move will also give a fillip to the Centres plan to turn Mumbai into a regional financial hub.
In view of the real estate boom, the state has proposed a cut in the stamp duty to a flat Rs 100 from the existing level of 0.5% on sale or purchase of flats and plots in co-operative housing societies for the first Rs 2.5 lakh.
In addition, in order to promote trade, industry, banking and the housing sector, the finance minister has proposed a reduction in stamp duty on deposit of title deeds, mortgages of movables, pawn, pledge and hypothecation deeds to 0.1% from 0.5%.