Realty sector
Realty sector

Apex realty body National Real Estate Development Council (NAREDCO), Maharashtra, has announced a festive bonanza for the homebuyers of Mumbai Metropolitan Region (MMR), Pune and Nashik by waiving off the stamp duty completely starting from September 3 till October 31, 2020. This move could benefit homebuyers immensely, revive 250 industries directly and indirectly and save lakhs of jobs in the state at the same time, the council stated.

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

Taking it forward, NAREDCO Maharashtra members 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 that so many reputed developers have come together to ease the burden of stamp duty levied on 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 properties, it is another milestone step by NAREDCO Maharashtra to cheer 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 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, bank loan interest rates are at an all-time low and stamp duty will be zero."

Ashok Mohanani, president elect, NAREDCO west, said, "Our unanimous decision to waive 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 any more, making home buying attractive, faster and seamless with substantial savings."

Real estate is the second largest employer in the country. A move like this from the apex body would also be instrumental in arresting the job losses in the country during such challenging times.

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