Maharashtra Governemnt is planning to abolish Local Body Tax from 1st August,2015

Q: This move will result in rise in property prices In Maharashtra again.

Sunil Joshi, Mumbai

6th August 2015

Real estate News in Mumbai

stamp duty

rise in tax

vat

property prices

mumbai real estate

local body tax

maharashtra government

rise in property price

builders association of india

bjp government

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Replies (3)

Why should the common man bear the burden of this illogical decision? For developers, this decision could not have come at a worse time. There is no sale at all. They are facing a huge liquidity crunch and rise in taxes means rise in property prices. Ultimately, the common people will have to cancel their buying decisions.

Puneet Laskar,

6th August 2015

Comment

I think BJP Govt. will have to think again in this matter. On the one hand, the BJP Govt. is saying that, by 2022, there will be huge supply of affordable houses, and on the other hand, they are levying new taxes.

Neeraj Rao,

6th August 2015

Hey Santosh,
What i think is that the stamp duty is not the only worry. The government can also raise the ready reckoner rates. Since stamp duty is based on RR rates, directly and indirectly, people who have nothing to do with LBT, will have to bear the impact of the decision.

Neeraj Rao,

6th August 2015

Comment

Do you know Neeraj.....abolition of LBT was an election promise of the BJP Govt. The government has done it now and has also made a budget provision of Rs 2000 crore to compensate the municipal corporations. There are 25 civic bodies across the state, and the LBT has been abolished in most of them.

Puneet Laskar,

6th August 2015

Why didn't they compensate the Brihanmumbai Municipal Corporation? It will create a agitation in the Mumbai as Thakre told that his party will hold a state-wide agitation. As per Thakre, the BJP government had taken this decision to please a few traders at the cost of the common people.

Santosh TR,

6th August 2015

Good morning Sunil!!!
It means a loss of over Rs 10000 crore to the government. So, how does it plan recover the money? By raising the stamp duty.

Neeraj Rao,

6th August 2015

Comment

Very good morning Neeraj!!!!
Yes, the govt has root out LBT and has decided to recover the losses from stamp duty. It will directly impact the buyers. Developers are not going to pay from their own pockets. They will pass it on to the buyers only.

Santosh TR,

6th August 2015