CREDAI MCHI requests the government to lengthen the stamp duty reduction period by another year Latest News

Realty developers' body CREDAI MCHI has urged the government of Maharashtra to extend the prevailing reduced stamp duty by 12 months to 31st March 2022, stressing on the substantially improved homebuyer sentiments and property registrations, higher job creation, and tax collections for the state following the stamp duty reduction.

In a meeting with the state Revenue Minister Balasaheb Thorat, representatives of the realtors' body that counts over 1,800 member developers highlighted the positive cascading effect of property market revival would have on Maharashtra's economy.

"The state government has played a pivotal role in enabling the real estate industry to spearhead the revival of the economy amid the pandemic. We have requested the Maharashtra Government to grant an extension of the stamp duty rebate for another 12 months to sustain the momentum whilst continuing the positive cycle of investment given the over 250 ancillary industries dependent on the industry, leading to further job creation and overall economic revival," said Deepak Goradia, President, CREDAI MCHI.

Acknowledging the support of the government that has led to the recovery of the real estate sector in the state and especially in MMR, CREDAI MCHI'S recommendation stems from the current financial instability brought about by the pandemic on citizens and potential homebuyers.

The industry body maintains that an elongated timeframe to avail the reduced stamp duty charges will ensure the sustenance of the sales momentum that has witnessed record breaking property registrations in the past six months following the announcement of stamp duty reduction.

SOURCE: THE ECONOMIC TIMES