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

Maharashtra Mulls Stamp Duty Relief to Revive Real Estate Sector
Real Estate Maharashtra:The Maharashtra government is evaluating the real estate industry's request for additional concessions in stamp duty for property registrations. This move is aimed at boosting property sales and reviving the real estate sector, which has been facing a slump in recent times.

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

Sheth Realty Invests Rs 150 Crore in Mumbai Housing Project
Real Estate Maharashtra

Sheth Realty Invests Rs 150 Crore in Mumbai Housing Project

Sheth Realty

May 28, 2024
Read Article
Delhi and Mumbai Housing Markets Witness 49% Price Surge Amidst Robust Sales
Real Estate Mumbai

Delhi and Mumbai Housing Markets Witness 49% Price Surge Amidst Robust Sales

Record sales and reduced unsold inventory drive up average residential prices in Delhi-NCR and MMR, with a 49% increase over five years.

July 7, 2024
Read Article
MHADA Lottery 2024: 19,000 Affordable Homes for Sale in MMR and Pune at ₹12 Lakh and Above
Real Estate Maharashtra

MHADA Lottery 2024: 19,000 Affordable Homes for Sale in MMR and Pune at ₹12 Lakh and Above

The Maharashtra Housing and Area Development Authority (MHADA) is set to launch a lottery for 19,000 affordable homes in the Mumbai Metropolitan Region (MMR) and Pune. The homes are priced starting from ₹12 lakh, offering a glimmer of hope for low and mid

October 11, 2024
Read Article
House of Hiranandani Expands Its Real Estate Presence in Mumbai Metropolitan Region
Real Estate Mumbai

House of Hiranandani Expands Its Real Estate Presence in Mumbai Metropolitan Region

The House of Hiranandani, under the leadership of Surendra Hiranandani, is making a significant investment of INR 12,500 crore to strengthen its presence in the Mumbai Metropolitan Region (MMR) over the next 24 months. This strategic move includes luxury

November 6, 2024
Read Article
Reliance Takes Over Maharashtra's Largest Industrial Land Parcel
Real Estate Maharashtra

Reliance Takes Over Maharashtra's Largest Industrial Land Parcel

Reliance has made a significant move by acquiring the largest industrial land parcel in Maharashtra. This strategic acquisition is set to bolster the company's real estate portfolio and expand its industrial footprint. Suma Venkatesh, Executive Vice Presi

January 6, 2025
Read Article
Protests and Internal Disputes Halt Three Major Bridge Projects in Vadodara
Real Estate

Protests and Internal Disputes Halt Three Major Bridge Projects in Vadodara

Public protests and disagreements within the Vadodara Municipal Corporation (VMC) have led to the stalling of three significant bridge projects in the city, cumulatively worth Rs 160 crore. These include the Rs 52.59 crore flyover at the Vasna junction, t

January 12, 2025
Read Article