Maharashtra: Extend stamp duty benefit date, real estate developers request government

Maharashtra: Extend stamp duty benefit date, real estate developers request government

From January 1 to 31 March, this year, the stamp duty charges were reduced to 3 per cent in Maharashtra

Mumbai: Real estate developers have requested Maharashtra state government to extend the stamp duty rebate date. The stamp duty rebate will expire on March 31. Now, the real estate developers say that this move had bettered homebuyer sentiment and property registrations have also been increased.

According to report published in Moneycontrol, a letter in this regard was presented by CREDAI MCHI to Balasaheb Thorat, Revenue Minister, Maharashtra Government. CREDAI MCHI is a leading real estate body with over 1,800 members. CREDAI MCHI said that the government must extend the stamp duty rebate by 12 months (March 31, 2022).

Deepak Goradia, President, CREDAI MCHI, said, “The record breaking property registrations and the high demand that we witnessed due to the stamp duty rate cuts has led to a definitive path for the revival of not only the real estate industry but the entire state’s economy. In view of drastic change in perception where consumers are more keen on buying instead of renting, we strongly feel that if the reduced rates are maintained beyond March 31, it will definitely ensure the continuation of high sales momentum that we have seen in the past six months.”

Meanwhile, real estate sector seaming back to normalcy after COVID-19 halt, three regions in India, Mumbai Metropolitan Region (MMR), Pune and Bengaluru have emerged top lucrative markets for property investments, according to a report published by property consultant ANAROCK.

According to the report, these cities remained the most active markets last year – together accounting for a 67 per cent share of the total housing sales recorded in the top 7 cities and 60 per cent of all new launches of 1.28 lakh units. Interestingly, in the Ease of Living Index published by the Ministry of Housing and Urban Affairs (MoHUA), Bengaluru and Pune have, respectively are declared as the top two most liveable cities of India.

On August 26 last year, the Maharashtra government had declared to curtail stamp duty on housing units from 5 per cent to 2 per cent until 31 December, last year. From January 1 to 31 March, this year, the stamp duty charges were reduced to 3 per cent.

Meanwhile, on Women’s Day, this year (March 8) the Maharashtra government declared a 1 per cent cut on stamp duty if the transfer of house or registration of sale deed is in the name of a woman.

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