Maharashtra Govt May Offer Stamp Duty Concession to Boost Housing Sales
Maharashtra Housing Minister Atul Save says the government may consider real estate developers' demand for granting more concessions on registration and stamp duty charges.
MaharashtraReal EstateHousing SalesStamp Duty ConcessionNaredcoReal Estate MaharashtraAug 29, 2024
The government will think about granting any such further concessions, Save said at the third edition of The Real Estate Forum 2024 organised by National Real Estate Development Council (NAREDCO), an apex body of real estate developers, in Mumbai on August 29.
Save also asked real estate developers to come forward and invest in building 1.25 lakh houses for mill workers in Mumbai. We have announced reduction in the cost of MHADA houses on declared price with respect to the surplus tenements received under Sections 33(5) and 33(7) only. MHADA has a stock of 2000 houses and we have received 30,000 applications, he said.
On the Central government's push for affordable housing and Housing for All initiative, Save said that the state government had already given one percent reduction on registration to women who wanted to buy a residential property. We will also think of what other concessions for registration could we extend, he said, adding suggestions emanating from the NAREDCO Maharashtra’s real estate forum would be considered in the new housing policy.
The Maharashtra government has identified 1.5 lakh mill workers who will be allotted homes of above 200 sq ft. These workers had lost their homes after closure of mills in Mumbai in the 1980s. Around 20,000 mill workers have already been allotted homes.
Valsa Singh Nair, additional chief secretary, Housing Department, Government of Maharashtra said at the Naredco event that the government will soon introduce new policies such as Amnesty scheme for stalled SRA projects and the new PAP Policy for timely completion of redevelopment projects.
Prashant Sharma, president, NAREDCO Maharashtra, commented on the recent developments and challenges being faced by the housing sector. Mumbai and Pune accounted for nearly 54% of new launches last year. This surge is driven by rising incomes, economic development, demographic benefits, and supportive government policies.
Niranjan Hiranandani, chairman, NAREDCO asked the state government authorities to allocate 5,000 slum redevelopment projects to the industry body.
Frequently Asked Questions
What is the Maharashtra government's plan to boost housing sales?
The government may consider real estate developers' demand for granting more concessions on registration and stamp duty charges.
How many houses will be allotted to mill workers in Mumbai?
The Maharashtra government has identified 1.5 lakh mill workers who will be allotted homes of above 200 sq ft.
What is the new housing policy of the Maharashtra government?
The government will consider suggestions emanating from the NAREDCO Maharashtra’s real estate forum in the new housing policy.
What are the new policies that the government will introduce soon?
The government will soon introduce new policies such as Amnesty scheme for stalled SRA projects and the new PAP Policy for timely completion of redevelopment projects.
How many slum redevelopment projects will be allocated to NAREDCO?
Niranjan Hiranandani, chairman, NAREDCO asked the state government authorities to allocate 5,000 slum redevelopment projects to the industry body.
Related News Articles
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors
Kerala Police Hand Over Mami Missing Case to Crime Branch to Avoid CBI Probe
The Kerala police have handed over the missing case of Mohammad Attur, a prominent real estate businessman, to the Crime Branch to prevent a CBI investigation.
Home Sales in Noida and Greater Noida Increase by 6% in Q3 2024
The residential property market in Noida and Greater Noida witnessed a 6% surge in registrations during the July-September quarter, with a total of 8,128 units sold, according to real estate consultant Square Yards.
Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
2025 Outlook: The Future of Commercial Real Estate in Tier-II and Tier-III Cities
In 2025, we can expect a significant rise in commercial real estate activity in Tier-II and Tier-III cities across India, driven by factors such as low operating costs, ample space, skilled talent, and infrastructure development.
Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora