Maharashtra Chief Minister Eknath Shinde on October 13 said that the state government will consider the proposal by apex bodies of developers Confederation of Real Estate Developers' Associations of India (CREDAI)- Maharashtra Chamber of Housing Industry (MCHI) to reduce stamp duty and rationalise premiums paid by developers for higher floor space of Index (FSI), etc.
Shinde was speaking at the inauguration ceremony of a four-day-long property exhibition of CREDAI-MCHI from October 13 to 16 at Bandra-Kurla Complex (BKC) in Mumbai.
Also read: Maharashtra cabinet clears proposal to cut govt levies on real estate by 50% until Dec 31, 2021
Shinde said, "Many industries and sectors are directly or indirectly connected with real estate, and we have been working towards helping the real estate sector to ensure home buyers at large are benefited to get affordable and accessible housing. We will take positive steps and think about slashing stamp duty and also rationalising premiums. I will discuss with the cabinet colleagues about this issue."
He further added, "Along with this, my personal wish is also to boost stuck redevelopment projects, cluster redevelopment projects to ensure the tenants get their homes."
Developers at the event from the CREDAI-MCHI made a demand to the Maharashtra government to provide a waiver in stamp duty and bring it to 3 percent payment to boost sales of real estate in the state and make homes affordable.
The stamp duty charges in Maharashtra are 6 percent of the total agreement value. Until March 2022, it was 5 percent was hiked because of the Metro cess. Those booking in the name of a female member get a concession of 1 percent.
Also read: Last day of stamp duty cut: 17,091 property registrations in Mumbai so far, numbers may touch 95% of December figure
Boman Irani, President CREDAI-MCHI said, "We would request that the Maharashtra government should reduce the stamp duty by 3 percent from the current 6 percent. If the state government does that, we will ensure to pay the pending 3% for the buyers."
In a statement issued by the CREDAI-MCHI said, "CREDAI-MCHI has launched a women's ownership drive with various incentives and offers for female house purchasers during the much-anticipated property exhibition at MMRDA Ground from 13th October to 16th October. Women home buyers would receive unique benefits, including shopping vouchers, waivers on society charges, free furniture, two-wheelers, laptops, and appliances."
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