Maharashtra Govt Mulls Stamp Duty Concession to Revive Housing Market
The Maharashtra government is considering a stamp duty concession on property registration to boost housing sales in the state.
Maharashtra GovernmentStamp Duty ConcessionProperty RegistrationReal EstateHousing MarketReal Estate NewsAug 29, 2024
The Maharashtra government will consider the real estate industry's demand to provide concession in stamp duty for registration of properties, said Atul Save, Minister of Housing, Government of Maharashtra. He was addressing an event organised by Naredco-Maharashtra.
Naredco Maharashtra, on behalf of its developer members, have requested for further concessions in stamp duty and registration of housing properties in order to boost housing sales. The state government will think about granting any such further concessions, said Save.
The Centre has been pushing for affordable housing and 'Housing for All', and the state government has already given one per cent reduction on registration to women who want to buy a residential property. We will also think of what other concessions for registration could we extend, added Save.
Save also called on real estate developers to come forward and invest in building 1.25 lakh houses for mill workers in Mumbai.
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, said Valsa Singh Nair, Additional Chief Secretary, Housing Department, Government of Maharashtra.
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, said Prashant Sharma, President at NAREDCO Maharashtra. 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.
In Mumbai, the residential market has surged by 30-40 per cent, with increasing demand for larger homes and improved lifestyles, said Sandeep Runwal, Vice Chairman at NAREDCO Maharashtra.
We are witnessing unprecedented infrastructure growth, with Mumbai nearing 300 kilometres of metro lines - a significant achievement when compared to London's historical network, said Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC).
Frequently Asked Questions
What is the Maharashtra government considering to boost housing sales?
The Maharashtra government is considering a stamp duty concession on property registration to boost housing sales.
Who requested the Maharashtra government to provide concession in stamp duty for registration of properties?
Naredco Maharashtra, on behalf of its developer members, requested the Maharashtra government to provide concession in stamp duty for registration of properties.
What is the Centre's push for affordable housing?
The Centre has been pushing for affordable housing and 'Housing for All'.
What is the state government's plan for stalled SRA projects and redevelopment projects?
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.
How has the Mumbai residential market performed recently?
The Mumbai residential market has surged by 30-40 per cent, with increasing demand for larger homes and improved lifestyles.
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