Maharashtra Mulls Stamp Duty Relief to Revive Real Estate Sector
The Maharashtra government is considering additional stamp duty concessions to boost property sales and revive the real estate sector.
MaharashtraReal EstateStamp DutyHousingAffordable HousingReal Estate MaharashtraAug 29, 2024
Atul Save, Minister of Housing, announced the plan at a Naredco-Maharashtra event, indicating a willingness to extend further incentives to the sector. Save emphasized the state's commitment to affordable housing and highlighted prior initiatives, such as the one percent reduction in registration fees for women purchasing homes.
The minister also urged developers to invest in constructing 1.25 lakh houses for mill workers in Mumbai. This move is expected to provide a much-needed boost to the sector, which has been struggling to recover from the pandemic-induced slowdown.
Valsa Singh Nair, Additional Chief Secretary of the Housing Department, revealed upcoming policy measures to expedite slum rehabilitation projects. This move is expected to provide relief to thousands of families living in slums across the state.
Naredco officials praised the market's post-pandemic growth, attributing it to economic development, rising incomes, and supportive government policies. The sector has been witnessing a gradual recovery in recent times, with sales picking up and new launches gaining momentum.
The proposed stamp duty relief is expected to provide a further boost to the sector, making homes more affordable for buyers. The move is also expected to benefit developers, who have been struggling to clear their inventories.
With the government's support, the real estate sector is expected to witness a significant revival in the coming months. The proposed stamp duty relief is a welcome move, which is expected to benefit all stakeholders in the sector.
Frequently Asked Questions
What is the Maharashtra government considering to boost the real estate sector?
The Maharashtra government is considering additional stamp duty concessions to boost property sales and revive the real estate sector.
What initiative has the government taken to support affordable housing?
The government has reduced registration fees by one percent for women purchasing homes.
What is the target for constructing houses for mill workers in Mumbai?
The minister has urged developers to invest in constructing 1.25 lakh houses for mill workers in Mumbai.
What policy measures are being taken to expedite slum rehabilitation projects?
Valsa Singh Nair, Additional Chief Secretary of the Housing Department, has revealed upcoming policy measures to expedite slum rehabilitation projects.
What is the expected impact of the proposed stamp duty relief on the real estate sector?
The proposed stamp duty relief is expected to provide a further boost to the sector, making homes more affordable for buyers and benefiting developers who have been struggling to clear their inventories.
Related News Articles
Shiv Sena (UBT) Wins Big in Maharashtra MLC Elections, Boosts Morale Ahead of Assembly Polls
Shiv Sena (UBT) has won both the Mumbai seats in the recently conducted Maharashtra Legislative Council (MLC) polls, a major boost ahead of the assembly elections.
Paradigm Realty Launches Rs 850 Crore Limited-Edition Luxury Residences in Bandra (W)
Mumbai, November 11, 2024: Paradigm Realty, a leading developer in Mumbai's luxury real estate market, has unveiled two premium residential projects in Bandra (W). The projects, designed to offer a unique living experience, are expected to generate a topl
Wave Group to Launch 9,000 Flats in Wave City, Ghaziabad Amid Strong Housing Demand
Wave Group plans to launch 7 million square feet of premium and affordable housing in Wave City, Ghaziabad, with 8,000-9,000 apartments.
Revolutionizing UAE's Real Estate Sector: BNW Developments and ANACITY Launch BNW LIVING
16th Sept 2024 Dubai | Bengaluru, India - BNW Developments partners with ANACITY to launch BNW LIVING, a mobile-first customer experience platform for UAE's real estate sector.
Knight Frank Wealth Report: Prime Property Prices in Mumbai, Delhi, and Bengaluru
The Knight Frank Wealth Report 2025 highlights significant variations in prime property prices across major cities in India, with Mumbai and Delhi showing notable differences.
India's GDP Growth Projected at 6.4% for 2024-25
Agriculture and allied sectors are estimated to grow by 3.8% in 2024-25, up from 1.4% in 2023-24. The construction sector and financial, real estate, and professional services sectors are also showing promising growth trends.