{"id":1664,"date":"2018-11-30T06:20:58","date_gmt":"2018-11-30T06:20:58","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1664"},"modified":"2021-06-04T14:11:24","modified_gmt":"2021-06-04T07:11:24","slug":"is-mumbai-real-estate-being-overtaxed","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/","title":{"rendered":"Is Mumbai real estate being overtaxed?"},"content":{"rendered":"<p><strong>New surcharges likened to sin taxes<\/strong><\/p>\n<figure id=\"attachment_1665\" aria-describedby=\"caption-attachment-1665\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1665\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Is-Mumbai-real-estate-being-overtaxed.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Is-Mumbai-real-estate-being-overtaxed.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Is-Mumbai-real-estate-being-overtaxed-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Is-Mumbai-real-estate-being-overtaxed-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1665\" class=\"wp-caption-text\">A view of south-central Mumbai. The city is the financial capital of India. KishoreJ\/Shutterstock<\/figcaption><\/figure>\n<p>Just when it looks like Mumbai is recovering from the double whammy of India\u2019s demonetisation drive and new housing law, property developers in the city are faced with\u00a0a new levy on home sales.<\/p>\n<p>Under a bill\u00a0passed Tuesday by the Maharashtra assembly, buyers will be required to pay a surcharge of 1 percent on the value of the property sold, leased, mortgaged and gifted in the city.<\/p>\n<p>The Mumbai Municipal Corporation Act (second amendment), pending governor&#8217;s assent, will compel the Maharashtra government to contribute a grant-in-aid to the company. The funds, equivalent to revenues from the surcharge, will be used to defray the municipal corporation&#8217;s plans to build a metro, monorail, freeways, and sea link.<\/p>\n<p>The government decided to levy the surcharge as it has limited resources to raise money, an official of the Urban Development Department had admitted to\u00a0<a href=\"https:\/\/www.bloombergquint.com\/business\/developers-say-stamp-duty-surcharge-in-mumbai-will-hurt-recovering-sales\" target=\"_blank\" rel=\"noopener noreferrer\">BloombergQuint<\/a>.<\/p>\n<p>The surcharge will be on top of the 5 percent stamp duty and 1 percent registration fee currently in place on ready properties in Mumbai as well as the 12 percent\u00a0goods and services tax (GST)\u00a0levelled on under-construction apartments.<\/p>\n<p>\u201cHousing is a basic need but the government has taxed it like alcohol and cigarettes,\u201d said Niranjan Hiranandani, co-founder and managing director of Hiranandani Group, and president of National Real Estate Development Council.<\/p>\n<p>\u201cThe bill goes completely against the government\u2019s affordable housing push.\u201d<\/p>\n<p>Despite a 128 percent year-on-year rise in fresh projects, sales inched forward by just 1 percent in the first half of 2018 from the same period a year ago, according to Knight Frank India.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New surcharges likened to sin taxes<\/p>\n","protected":false},"author":2,"featured_media":19877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Mumbai real estate being overtaxed? | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Mumbai real estate being overtaxed? | Asia Property Awards\" \/>\n<meta property=\"og:description\" content=\"New surcharges likened to sin taxes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/\" \/>\n<meta property=\"og:site_name\" content=\"Asia Property Awards\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/asiapropertyawards\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-30T06:20:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-04T07:11:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/06\/Is-Mumbai-real-estate-being-overtaxed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"WebDev\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AsiaPropAwards\" \/>\n<meta name=\"twitter:site\" content=\"@AsiaPropAwards\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"WebDev\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/\"},\"author\":{\"name\":\"WebDev\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/person\\\/df932132512aaa13d63493c8c5bbce5c\"},\"headline\":\"Is Mumbai real estate being overtaxed?\",\"datePublished\":\"2018-11-30T06:20:58+00:00\",\"dateModified\":\"2021-06-04T07:11:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/\"},\"wordCount\":290,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Is-Mumbai-real-estate-being-overtaxed.jpg\",\"articleSection\":[\"Property Report\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/\",\"name\":\"Is Mumbai real estate being overtaxed? | Asia Property Awards\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Is-Mumbai-real-estate-being-overtaxed.jpg\",\"datePublished\":\"2018-11-30T06:20:58+00:00\",\"dateModified\":\"2021-06-04T07:11:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Is-Mumbai-real-estate-being-overtaxed.jpg\",\"contentUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Is-Mumbai-real-estate-being-overtaxed.jpg\",\"width\":1000,\"height\":667},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/is-mumbai-real-estate-being-overtaxed\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is Mumbai real estate being overtaxed?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/\",\"name\":\"Asia Property Awards\",\"description\":\"PropertyGuru Asia Property Awards\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#organization\",\"name\":\"Asia Property Awards\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Trophy_2.png\",\"contentUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Trophy_2.png\",\"width\":1920,\"height\":1080,\"caption\":\"Asia Property Awards\"},\"image\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/asiapropertyawards\",\"https:\\\/\\\/x.com\\\/AsiaPropAwards\",\"https:\\\/\\\/www.instagram.com\\\/asiapropertyawards\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/showcase\\\/asia-property-awards\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCCMEFMU-KW5dEKfb5dPTL9Q\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/person\\\/df932132512aaa13d63493c8c5bbce5c\",\"name\":\"WebDev\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/author\\\/webdev\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is Mumbai real estate being overtaxed? | Asia Property Awards","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/","og_locale":"en_US","og_type":"article","og_title":"Is Mumbai real estate being overtaxed? | Asia Property Awards","og_description":"New surcharges likened to sin taxes","og_url":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/","og_site_name":"Asia Property Awards","article_publisher":"https:\/\/www.facebook.com\/asiapropertyawards","article_published_time":"2018-11-30T06:20:58+00:00","article_modified_time":"2021-06-04T07:11:24+00:00","og_image":[{"width":1000,"height":667,"url":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/06\/Is-Mumbai-real-estate-being-overtaxed.jpg","type":"image\/jpeg"}],"author":"WebDev","twitter_card":"summary_large_image","twitter_creator":"@AsiaPropAwards","twitter_site":"@AsiaPropAwards","twitter_misc":{"Written by":"WebDev","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#article","isPartOf":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/"},"author":{"name":"WebDev","@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/person\/df932132512aaa13d63493c8c5bbce5c"},"headline":"Is Mumbai real estate being overtaxed?","datePublished":"2018-11-30T06:20:58+00:00","dateModified":"2021-06-04T07:11:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/"},"wordCount":290,"commentCount":0,"publisher":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#organization"},"image":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#primaryimage"},"thumbnailUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/06\/Is-Mumbai-real-estate-being-overtaxed.jpg","articleSection":["Property Report"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/","url":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/","name":"Is Mumbai real estate being overtaxed? | Asia Property Awards","isPartOf":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#primaryimage"},"image":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#primaryimage"},"thumbnailUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/06\/Is-Mumbai-real-estate-being-overtaxed.jpg","datePublished":"2018-11-30T06:20:58+00:00","dateModified":"2021-06-04T07:11:24+00:00","breadcrumb":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#primaryimage","url":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/06\/Is-Mumbai-real-estate-being-overtaxed.jpg","contentUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/06\/Is-Mumbai-real-estate-being-overtaxed.jpg","width":1000,"height":667},{"@type":"BreadcrumbList","@id":"https:\/\/www.asiapropertyawards.com\/en\/is-mumbai-real-estate-being-overtaxed\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.asiapropertyawards.com\/en\/"},{"@type":"ListItem","position":2,"name":"Is Mumbai real estate being overtaxed?"}]},{"@type":"WebSite","@id":"https:\/\/www.asiapropertyawards.com\/en\/#website","url":"https:\/\/www.asiapropertyawards.com\/en\/","name":"Asia Property Awards","description":"PropertyGuru Asia Property Awards","publisher":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.asiapropertyawards.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.asiapropertyawards.com\/en\/#organization","name":"Asia Property Awards","url":"https:\/\/www.asiapropertyawards.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/12\/Trophy_2.png","contentUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/12\/Trophy_2.png","width":1920,"height":1080,"caption":"Asia Property Awards"},"image":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/asiapropertyawards","https:\/\/x.com\/AsiaPropAwards","https:\/\/www.instagram.com\/asiapropertyawards\/","https:\/\/www.linkedin.com\/showcase\/asia-property-awards","https:\/\/www.youtube.com\/channel\/UCCMEFMU-KW5dEKfb5dPTL9Q"]},{"@type":"Person","@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/person\/df932132512aaa13d63493c8c5bbce5c","name":"WebDev","url":"https:\/\/www.asiapropertyawards.com\/en\/author\/webdev\/"}]}},"_links":{"self":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/posts\/1664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/comments?post=1664"}],"version-history":[{"count":0,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/posts\/1664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/media\/19877"}],"wp:attachment":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/media?parent=1664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/categories?post=1664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/tags?post=1664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}