The state government issued a notification on Amnesty Scheme 2019 for homebuyers who have not yet completed the registration process for their property. They can now regularize the sale by paying stamp duty with a nominal penalty. The scheme, introduced under Section 9 of the Maharashtra Stamp Act, 1958, will be implemented between March 1 and August 31.

The decision is aimed at facilitating residents of housing societies, especially those under Maharashtra Housing and Area Development Authority (MHADA), the City and Industrial Development Corporation (CIDCO) and the Slum Rehabilitation Authority (SRA), to pay pending dues and complete the conveyance transaction. The total penalty will only be 10 per cent of the deficit amount.

In absence of the Amnesty Scheme, homebuyers had to pay a penalty of 2 per cent per month and a maximum fine of 400 per cent on unpaid/deficit stamp duty from the date of execution of purchase agreement.

"Many transactions are pending due to an incomplete registration process," an official said.

The state Revenue Department official told DNA, "Now, homebuyers can complete the process by August 31 and avoid legal implications."

Anand Gupta, head of the Builders Association of India's infrastructure committee, said clearing stamp duty dues will also help homebuyers sell properties swiftly, and the purchase document will also become transactable. "The Amnesty Scheme will help clear pending documents within a stipulated time frame. The government will mop up the additional revenue," noted Gupta.

The Revenue official said stamp duty assessment will become indisputable if proper documents and evidence is submitted by the homebuyer. "However, in the absence of evidence, the homebuyer may lose out on the Amnesty Scheme's benefits,'' he added.