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
Indian Real Estate Sector Sees Unprecedented Growth in Q2 2024
The Indian real estate market witnessed a significant surge in deal activity in Q2 2024, with 19 deals worth $1.6 billion, driven by economic recovery and supportive government policies.
Luxury Living: Marico MD Saugata Gupta Snaps Up Rs 36.4 Crore Apartment in Mumbai's Worli
Saugata Gupta, MD of Marico, buys 4372 sq ft apartment in Worli for Rs 36.4 crore, highlighting Mumbai's strong property market performance.
Revolutionizing Real Estate: 'Real Estate Talk' App Launches in Maharashtra
The 'Real Estate Talk' app, brainchild of a UK-based entrepreneur with roots in Maharashtra, promises to connect buyers, sellers, and service providers like never before.
Maharashtra Assembly Elections 2024: Maratha Quota Activist Manoj Jarange-Patil Speaks Out
Maratha quota activist Manoj Jarange-Patil has refuted claims that his agitation did not impact the recent Maharashtra assembly elections, which were dominated by the Mahayuti alliance of BJP, Shiv Sena, and NCP.
Ultra-Luxury Housing Market Sets New Records with Rs 4,754 Crore Sales in 2024
The ultra-luxury housing market in India witnessed a significant surge in 2024, with 59 units priced above Rs 40 crore sold across the top seven cities, generating a total sales value of Rs 4,754 crore.
MahaRERA Enforces Clear Display of Registration Details in Housing Ads
Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a new circular, requiring real estate developers to prominently display registration details in all housing advertisements. This move aims to enhance transparency and protect homebuyers from fraudulent practices.