Lease stamp duty

According to Article 36 (iii) of Schedule-I to Maharashtra Stamp Duty Act, for Lease including lease or sub-lease and any agreement to let or sub-let or any renewal of lease, where such lease purports to be for a period exfeeding ten years but not exceeding twenty nine years, with a renewal clause contingent or otherwise --- The Stamp Duty payable is the same duty as is leviable on a coneyance under Article 25, on 50% of the market value of the property.

Therefore, you have to first ascertain the market value of the property.  Upon the said market value, 50% should be taken for the purpose of payment of stamp duty.  Stamp duty is payable @ fifteen rupees for every rupees 500 or part thereof, if the property is non-residential.

Thank you for your reply.

Let me put an example of what I have understood from your email.

Ready Reckoner Value is Rs.30000/ sqft then 50% of the market value ie Rs. 15000/ Sqft will be considered. Assuming an area of 7000 Sqft x Rs. 15000/Sqft = 10.50Cr is the value considered the rate of stamp duty is Rs.15/ for every Rs.500, hence the stamp duty amount will be Rs. 31.50L.