India, July 10 -- In a move that could bring relief to thousands of cooperative housing societies in Mumbai unable to register lease agreements for decades due to procedural delays and high stamp duty, Maharashtra Revenue Minister Chandrashekhar Bawankule announced a sharp reduction in stamp duty on such registrations.

According to a PTI report, stamp duty on residential properties has been capped at 0.5%, while commercial properties will attract a maximum duty of 1.5%, Bawankule told the Maharashtra Legislative Assembly on July 7.

The stamp duty earlier was up to 5% depending on the lease terms, premium paid, among several other factors.

The revised policy is expected to provide significant relief to cooperative housing societies buil...