Hundreds of flat buyers have complained of not being able to avail of the stamp duty concession from the developers, in lieu of buying property post-January 14 2021. The state government had, earlier, issued a notification stating builders and developers can avail of compensatory floor space index (FSI) by paying a certain premium to BMC, on a condition that they would pass on the benefit to customers by paying the stamp duty for the property. This was done to boost the construction industry amidst the Covid pandemic. However, many developers have not adhered to the order.

Builders mark up flat prices 

CA Ramesh Prabhu, founder President of Maharashtra Societies Welfare Association (MahaSEWA), said, “As per the BMC commissioner, around 2,800 proposals of buildings have been sanctioned with 50% concession in the various premiums payable to the government and civic authorities post January 14, 2021. To ensure that 50 per cent concession in premium is ultimately transferred to home buyers, a condition was imposed that the stamp duty applicable on such flats shall be borne by the builder."