Industry demand extension of Stamp duty reduction in Maharashtra

Speaking on the concession on stamp duty charges which the Maharashtra Government has implemented – and which is due to end on 31 March 2021. The positive impact of the concession has been very apparent in terms of uptick in sales and property registration momentum in the past few months. The industry stakeholders in the state expect the extension of these booster doses in order to sustain the drive that yields more volumes of transaction. Given that the move has been a game-changer, it will further incentivise the fence sitters to convert into the actual home buyers and see more traction with augmented consumption demand.

In the post-Covid-19 world, owning a house has gained significance in the ‘new normal’. Real estate also offers the buyer/ investor a safe and steady yield generating asset, and favourable market factors will positively impact sales across the next few months. 

Not just in Mumbai and the MMR but across the state, the pent-up demand coupled with proactive government measures will fuel the scenario of home seekers bringing their dream home to reality. Considering the impact which real estate and construction has on 270-plus allied industries; the jobs it creates as also the enhancement it gives to the state’s GDP. This will foster revival of the sector benefitting all stakeholders in a win-win scenario.