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Home buyers in Mumbai and the rest of Maharashtra are set to receive a major relief as the state government is planning to reduce the stamp duty on residential properties spread over less than 750 sq ft for the economically weaker, lower income and middle income groups. The stamp duty rates will be rationalised with 1% levy for houses for economically weaker section (EWS), 2% for low income group (LIG) houses, and 3% of the agreement value for middle income group (MIG) houses. Buyers of higher income group (HIG) apartments will continue to pay stamp duty at current rates.