Realtors body Naredco's Maharashtra chapter on Monday said its members, which currently stand at around 1,000 builders, will bear the stamp duty on housing sales till December-end on behalf of home buyers to boost sales.
Naredco-Maharashtra had in September announced to bear stamp duty till October after the state government cut stamp duty by 2-3 per cent in major cities. The association has now extended this offer till 2020-end.
Over 1,000 NAREDCO Maharashtra members have offered their properties for sale under this scheme.
NAREDCO-Maharashtra President Ashok Mohanani said the zero-stamp duty pushed Mumbai's residential realty sales by 300 per cent from August 2020 to October 2020.
Addressing a virtual press conference, he said the association will organise a virtual 'Real Estate and Infrastructure Investors' Summit (REIIS) - 2020' starting November 25.
"It's a win-win for both home buyers and developers, as the zero-stamp duty window will bring more home buyers of Maharashtra into the buying net," Mohanani said.
Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra said, "The zero stamp duty intervention set the precedence and boosted the entire sector in a growth mode. It ensured a quick inventory turnover and the trend will continue in the long-run." Sandeep Runwal, President Elect, NAREDCO Maharashtra complemented the Maharashtra government for temporary reduction in stamp duty that has helped boost sales.
"The lower tax regime has given volumes without impacting the government's revenues," he said.