Maharashtra Cabinet chaired by Chief Minister Uddhav Thackeray on Wednesday deferred approving the urban development department’s proposal to extend payment of concessional premiums by the realty sector up to March 31, 2022. It was because the urban development minister Eknath Shinde was not present at today’s meeting and it is expected to be taken up in the next meeting.
The government, which had introduced the scheme in January till December 2021, has recently extended up to January 15, 2022. It will be applicable to those realty players whose file for project development is approved by the municipal corporations.
However, the realty players, whose project proposals will be cleared after December 31, 2021, won’t be able to avail the benefit under today’s order. The BrihanMumbai Municipal Corporation has already moped up Rs 11,000 crore so far and it is expected to mobilize another Rs 4,000 crore after the files pertaining to the concessional payment of premiums are cleared.
A senior MVA Minister told the Free Press Journal, ‘’The extension will benefit the realty players whose project proposals will be cleared even after December 31, 2021. The government in January 2021 had cleared 50 per cent reduction in all premiums levied on ongoing and new construction projects till December 31, 2021. The project developers, who avail these concessions, have to pay full stamp duty on behalf of the customers. The scheme was introduced based on the recommendations made by the Deepak Parekh Committee.’’ He said the extension will help the realty sector which is struggling for revival after being severely hit due to the coronavirus-induced lockdown and economic slowdown.
As reported by the Free Press Journal, Housing Minister Jitendra Awhad has urged Chief Minister Uddhav Thackeray and DCM Ajit Pawar to extend the 50% concession in all premiums till the end of June 2022. ‘’The 50% reduction in premiums has helped the building industry & the revenue of all municipal corporations, MHADA, SRA rose. In normal course, these bodies could not have got so much revenue,’’ he noted.