Maharashtra Government to Consider Stamp Duty Concession on Property Registration
The Maharashtra government will consider the real estate industry's demand to provide concession in stamp duty for registration of properties.
Maharashtra GovernmentStamp Duty ConcessionProperty RegistrationReal Estate IndustryNaredcomaharashtraReal Estate MaharashtraAug 29, 2024
The real estate developers have been requesting for further concessions in stamp duty and registration of housing properties to boost housing sales. Save mentioned that the state government had already given a one per cent reduction on registration to women who wanted to buy a residential property. He also added that the government will think about granting any such further concessions.
Emphasizing the Centre's push to affordable housing and 'Housing for All', Save called the real estate developers to come forward and invest in building 1.25 lakh houses for mill workers in Mumbai. Valsa Singh Nair, Additional Chief Secretary, Housing Department, Government of Maharashtra, informed that the state government will soon introduce new policies such as amnesty scheme for stalled SRA (slum rehabilitation) projects and the new PAP Policy for timely completion of redevelopment projects.
Prashant Sharma, President at NAREDCO Maharashtra, said that the market has seen unprecedented expansion since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54 per cent of new launches last year. This surge is driven by rising incomes, economic development, demographic benefits, and supportive government policies.
Niranjan Hiranandani, Chairman at NAREDCO, requested the state government authorities to allocate 5,000 slum redevelopment projects to the industry body. Sandeep Runwal, Vice Chairman at NAREDCO Maharashtra, mentioned that in Mumbai, the residential market has surged by 30-40 per cent, with increasing demand for larger homes and improved lifestyles.
Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC), said that the city is witnessing unprecedented infrastructure growth, with Mumbai nearing 300 kilometres of metro lines - a significant achievement when compared to London's historical network.
Information
Naredco-Maharashtra is a real estate industry body that represents the interests of developers and builders in the state. The organization has been actively engaging with the government to address various issues affecting the industry.
Naredco-Maharashtra is a leading real estate industry body in the state of Maharashtra. The organization works closely with the government to promote the growth of the real estate sector and address various issues affecting the industry.
Brihanmumbai Municipal Corporation (BMC) is the civic body responsible for governing the city of Mumbai. The corporation is responsible for providing various civic amenities and services to the citizens of Mumbai.
Maharashtra Government is the state government of Maharashtra, responsible for governing the state and implementing various policies and programs for the benefit of its citizens.
Frequently Asked Questions
What is the Maharashtra government considering for the real estate industry?
The Maharashtra government is considering providing concession in stamp duty for registration of properties to boost housing sales.
What is the current concession provided by the state government for women buying residential properties?
The state government has already given a one per cent reduction on registration to women who want to buy a residential property.
What is the Centre's push for affordable housing?
The Centre's push is for 'Housing for All', which aims to provide affordable housing to all citizens.
What is the expected growth in the residential market in Mumbai?
The residential market in Mumbai is expected to surge by 30-40 per cent, with increasing demand for larger homes and improved lifestyles.
What is the infrastructure growth in Mumbai?
Mumbai is witnessing unprecedented infrastructure growth, with the city nearing 300 kilometres of metro lines - a significant achievement when compared to London's historical network.
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