Stamp duty is a duty to pay with the market value of any property to register that with the owner’s name. This procedure prevents any dispute, grievances or illegal activity over your property. Any kind of property documents, transfer or gift assets is also subject to stamp duty charges. Being one of the states with high stamp charges, Madhya Pradesh generates significant revenue from it. However, the state government has reduced the stamp duty in Madhya Pradesh in September 2020. They announced a 2% cut on stamp duty charges which helped mobilise the stagnant housing industry after the covid-19 pandemic.
Stamp duty and registration charges in Madhya Pradesh were previously 12.5% (9. 5% stamp duty and 3% registration charges). But on 7th September 2020, the state government announced a reduction of 2% on the charges till 31st December 2020. The revised stamp duty charges remained 10.5% till today for properties in municipal areas. Check out an article about what's covered in Property Insurance by Digit?
