Realty sector
Realty sector

Apex realty body NAREDCO Maharashtra has announced a festive bonanza to homebuyers of Mumbai Metropolitan Region Development Authority (MMR), Pune and Nashik by waiving off the stamp duty completely starting from September 3 till 31st October 2020.

In a move that could benefit homebuyers immensely, revive 250 industries directly and indirectly and at the same time save lakhs of jobs in the state, NAREDCO stated. 

The Maharashtra Government recently slashed the stamp duty on the purchase of new houses by 3 percent from September 1 to December 31, 2020, and by 2 percent from January 1, 2021, to March 31, 2021, to uplift the market sentiments. 

In a step forward, members of NAREDCO Maharashtra have come together to offer various affordable and luxury residential properties in over 1,000 housing projects under this scheme. A majority of developers from Mumbai, MMR, Pune and Nashik have decided to waive off the stamp duty and bear the burden themselves in a bid to revive the economy. Other developers are also expected to jump the bandwagon at a later stage it further mentioned. 

Interestingly this is the first time when such a large number of reputed developers have come together to ease the burden of stamp duty levied on the homebuyers. The scheme will be applicable to the projects registered on portal, as well.

Rajan Bandelkar, President, NAREDCO – West and Convener, said, "After the Government of Maharashtra’s blockbuster measure to reduce the stamp duty on the property buying, it is another milestone step by NAREDCO Maharashtra to cheer the homebuyers. This unprecedented decision to charge no stamp duty on housing sales will bring a new wave of home buying in the short–run and change the demand- supply dynamics positively. It will also result in a substantial savings and reduction in transaction costs for the end user. I appeal to all the consumers that it is a golden opportunity to buy a home as the property prices are lowest and bank loan interest rates are at an all-time low and stamp duty is becoming zero."

Ashok Mohanani, President-Elect, NAREDCO – West, said, "Making the already jubilant homebuyers happier, our unanimous decision to waive the stamp duty completely on the sales of residential properties will add to the home buying euphoria and support the Government’s efforts to push housing demand in the state. This will give a much – needed relief to homebuyers, as there will be no stamp duty obligation anymore, making home buying attractive, faster and seamless with substantial savings."

Real estate is a second-largest employer in the country and a move like this from the apex body would also be instrumental in arresting the job losses in the country during such a challenging COVID time which ultimately boosts economic growth in the State.

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