Maharashtra Govt Considers Stamp Duty Concession on Property Registration

Mumbai, Aug 29 (PTI) The Maharashtra government will consider the real estate industry's demand to provide concession in stamp duty for registration of properties.

Addressing an event organised by Naredco-Maharashtra, Atul Save, Minister of Housing, Government of Maharashtra, said it would consider the real estate developers' demand of granting further concessions in registration and stamp duty.

"Naredco Maharashtra, on behalf of its developer members, have requested for further concessions in stamp duty and registration of housing properties in order to boost housing sales. The (state) government will think about granting any such further concessions," Save was quoted as saying in a statement issued by Naredco.

Emphasising the Centre's push to affordable housing and 'Housing for All', Save mentioned that the state government had already given one per cent reduction on registration to women who wanted to buy a residential property.

"We will also think of what other concessions for registration could we extend," he added.

Save also called the real estate developers to come forward and invest in building 1.25 lakh houses for mill workers in Mumbai.

Valsa Singh Nair, Additional Chief Secretary, Housing Department, Government of Maharashtra, informed that the state government will soon introduce new policies such as amnesty scheme for stalled SRA (slum rehabilitation) projects and the new PAP Policy for timely completion of redevelopment projects.

Prashant Sharma, President at NAREDCO Maharashtra, said, "The market has seen unprecedented expansion since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54 per cent of new launches last year. This surge is driven by rising incomes, economic development, demographic benefits and supportive government policies."

Niranjan Hiranandani, Chairman at NAREDCO, requested the state government authorities to allocate 5,000 slum redevelopment projects to the industry body.

Sandeep Runwal, Vice Chairman at NAREDCO Maharashtra, "In Mumbai, the residential market has surged by 30-40 per cent, with increasing demand for larger homes and improved lifestyles."

"We are witnessing unprecedented infrastructure growth, with Mumbai nearing 300 kilometres of metro lines - a significant achievement when compared to London's historical network," Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC), said.