Cash discounts, lower interest rates, free accessories, GST, stamp duty waivers, free maintenance and swap of your property, builders are leaving no stone unturned to attract homebuyers this season.
On August 26, the Maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31 to boost the stagnant real estate market hit by the COVID-19 pandemic
Trend likely to continue in the next two months on account of offers and schemes by real estate developers to push sales
Sale registrations in the state are at over 90 percent of pre-COVID levels, shows an analysis by Propstack.
It has proposed that the reduction be valid until August 31, 2021. Builders and homebuyers say if the proposal is accepted it will boost demand and bode well for the struggling real estate sector throughtout the state, especially Noida and Greater Noida.
A slight increase in ready reckoner rates in a location where the market rates are higher won’t hurt property buyers much.
The stamp duty rate in urban areas has been reduced to 10.5 percent from 12.5 percent.
Mumbai stamp duty numbers are likely to go up during the festival season after pitru paksha ends
The offer by NAREDCO Maharashtra members is available from September 3 until October 31, 2020. All the projects are RERA registered.
The move will have a positive impact on price reduction during COVID times, says Durga Shanker Mishra.
There are nearly 33,500 ready-to-move-in homes in MMR and Pune collectively
Reduction in stamp duty rate can bring down the purchasing cost for the home buyer significantly
Experts say that while this temporary but strong inoculation into the dampened market sentiment will help revive sales, it may not be enough. Tax sops by the government and discounts by developers may do the trick
The ruling was passed by the court during hearing of a petition involving resale of a posh 3,300 sq f. apartment in Tahnee Heights Cooperative Housing Society at Napean Sea Road, Mumbai
One of the handicaps people are struggling with in the times of COVID-19 is how to duly execute agreements that attract stamp duty as people are unable to obtain stamp papers or have the documents franked due to movement restrictions as well as certain government offices are not being open for business.
"The entire real estate fraternity is currently caught up in an unprecedented scenario which the economy has never witnessed before. The sector has suffered extensively and needs critical intervention from the Maharashtra government for its survival.
Real estate experts welcome the move, saying it would provide relief to homebuyers looking for affordable properties.
The move will minimise hardship in real-estate transaction and provide relief to the sector, the minister said.
Government must keep affordable housing away from 1 percent increase in stamp duty
Stamp duty rates for 17 items will double following the amendment, which the Cabinet found to be essential to boost the revenue receipts of the state, an official spokesperson said here.
States have been reluctant to give up powers to levy stamp duty, which is why these amends to bring uniformity have come very late
While the government charges 8% GST for houses up to 60 sqm, stamp duties too should be reduced or eliminated to make houses affordable
Relying on a judgement passed by the Supreme Court last month on a similar issue, the high court said the octroi collecting contractors have to pay stamp duty under the provisions of the Bombay Stamp Act.
Under GST regime, all under-construction properties will be charged at 12 percent. But it excludes stamp duty and registration charges; home buyers may defer purchases till clarity emerges
The Brihanmumbai Municipal Corporation (BMC) has proposed a surcharge of one per cent on the buying and selling of properties in Mumbai, to fund infrastructure projects. This would be enforced by the state government, R