Mumbai alone records 5k houses conveyance sale so far

The Real Estate market is growing and the kind of sales that have been happening are the proof to that. According to the Department of Registration & Stamps Government of Maharashtra (IGR) in just 13 days of March total 5250 houses conveyance sale recorded. This has led to revenue generation of Rs 320.45 crore only through stamp duty fees.

Currently in Maharashtra homebuyers have to pay 5 per cent stamp duty. While a women homebuyer pays 4 per cent stamp duty.

Hitesh Thakkar, Vice President, NAREDCO West and Partner of Prem Group, competing on good number of housing sales said, "The industry is booming and it will further show encouraging performance if government offers some tax concession to the homebuyers." When asked that one per cent Metro cess will be applicable from April 1 so will this impact the sales he replied, "Govt needs to rethink before leving the metro cess on home buyer. Rather it should be levied on the rider /comuter like the airports the flyer is levied airport development fee."

Meanwhile across Maharashtra the IGR has recorded house conveyance (Sales) by total 65,904 drawing revenue of Rs 1076.69 crore through stamp duty fees.

Similarly, Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory said, that the decision of government in it's budget to increase the time period in which stamp duty paid on the earlier deed to be adjusted against subsequent deed from one year to three years will incentivise construction business. Also, the stamp duty exemption on gift deed to the government institutions and local corporation will really help to streamline various bottlenecks associated with land transfer in metro pockets. Further transpiring some momentum for real estate development in Maharashtra. "However, the whole real estate fraternity would be disappointed without any concrete decision on the proposed metro cess. We expect the announcement of a deferment on the upcoming 1 percent metro cess from government. In fact, one year of deferment would help the real estate sector to keep home buyers’ sentiments positive in the market. Moreover, at this point in time, we really can't afford any negative customer sentiments, especially after the system reboot through various structural reforms and pandemic-inflicted slowdown on the back of rising construction cost," he added.