The Goa State government has announced a welcome extension to the Stamp Duty & Registration Concession Scheme, providing substantial relief on property registration costs. Previously set to expire in January, the scheme has now been extended until March 31st, 2024.
This means societies have an additional two months to benefit from the significantly reduced rates: just 1% each for stamp duty and registration fees. This translates to significant savings for societies registering deeds of sale or conveyance during this period.
Key Points of the Extension:
- Reduced rates: 1% for both stamp duty and registration fees.
- Eligibility: Cooperative housing societies registering deeds of sale or conveyance.
- Validity: Up to March 31st, 2024.
- Simplified process: Valuation report by approved valuer replaces requirement for registered agreement/memorandum of understanding.
Benefits for Societies:
- Cost savings: Significant reduction in registration expenses.
- Faster transactions: Simplified process avoids delays.
- Increased affordability: Makes property registration more accessible.
The scheme was originally launched in April 2023 to support cooperative housing societies facing financial challenges. The extension reflects the success of the initiative and its positive impact on the sector.
