NAREDCO extends free stamp duty offer to December

Over 1,000 National Real Estate Development Council (NAREDCO) Maharashtra members have decided to continue the free stamp duty offer for homebuyers until December 31, 2020, from the earlier set date of October 31, 2020. The extension was announced in a virtual press conference held on Monday. The apex body informed that the zero stamp duty pushed Mumbai’s residential realty sales by 300 per cent from August, 2020, to October, 2020. Moreover, if it is continued, it will allow more homebuyers to buy affordable and luxury residential properties at the lowest ever prices during the pandemic.

Commenting on the decision, Ashok Mohanani, president, NAREDCO Maharashtra said, “It’s a win-win for both the homebuyers and the developers. The zero stamp duty window will bring more homebuyers of Maharashtra into the buying net. It will not only push the housing sales trajectory, but also send positive signals to foreign investors to accelerate their investment plans into the sector, flushing more liquidity to tighten the supply side. With aggressive measures, such as the stamp duty waiver, the launch of the HousingForAll portal, and the ease of doing business climate, foreign investors will start investing heavily in A-graded income generating asset classes. Maharashtra’s real estate space will remain at the centre."

Besides this, the apex body of developers is now eyeing to tighten the liquidity for the sector’s growth by calling upon foreign investors to invest in eligible projects. It is set to pitch for funding with the foreign investors in a three-day virtual ‘Real Estate and Infrastructure Investors’ Summit (REIIS) that will be organised from November 25, 2020.

Sandeep Runwal, president elect, NAREDCO Maharashtra said, "The bullish foreign funds will provide clean funds to the developers to expand their operations. This will help complete projects and bring a level-playing field among the organised developers. The lower tax regime has given volumes without impacting the government’s revenues."

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