1. INTRODUCTION
The Inspector General of Registration and Controller of Stamps,
State of Maharashtra, Pune (“IGR,
Maharashtra”) has in its notification dated
26th July 2023 (“said
Notification”) issued explanatory directives in
respect of levying stamp duty on permanent alternative
accommodation agreements entered into between a developer and
members of a co-operative housing societies
(“Society/Societies”) for
re-development of Society's property.
2. BACKGROUND
The IGR, Maharashtra had in its Circular dated 23rd
June 20151 and Circular dated 30th March
20172 issued guidelines in respect of stamp duty levied
on the document executed by the developer in favour of a member of
the Society while allotting flats/shares in a redeveloped building
of a project (“Earlier Circulars”).
The Earlier Circulars contemplated that the permanent alternative
accommodation agreement shall be stamped as per Article 25 of the
Maharashtra Stamp Act, 1958 (“said
Act”) as applicable
