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Seal the deal: Stamp Duty reduced by Maharashtra Govt.

September 10, 2020

While the Indian cricketing skipper beau shared his “Good News” with the world on social media, the Maharashtra government too had something special to share. In bid to boost the real estate business in Maharashtra, the government cut the stamp duty for 7 months. The state cabinet recently announced a reduction in stamp duty on property transactions in urban areas will be lowered from existing 5% to 2% from 1st September till 31st December 2020, and it will be 3% from 1st January 2021 till 31st March 2021. In rural areas, it will be cut from 4% to 1% till 31st December 2020, and 2% from 1st January 2021 till 31st March 2021.

In the last 3-4 years the real estate market was caught in the crossfire of demonetization and impact of GST, RERA and NBFC funding among others. The reduction in stamp duty, though temporary, could be substantial for a homebuyer. This move is said to bring back investors willing to dive deep into the real estate market which has been down by 60-70% as compared to last year. This proactive measure taken by the government is surely meant to support the real estate market that has been facing a lot of heat from the meltdown caused by the global pandemic. The real estate industry is the second largest employer after the agriculture market. This enhancement will generate a lot of attention in the market and incentivize people at a time when the interest rate for home loans is less.

The Vice President of CREDAI, Mr. Shantilal Kataria said that, many homebuyers are waiting to invest after the reduction of stamp duty. “The decision is good for purchasers as they will save on the initial investment. It will attract them to purchase early and increase revenue for the government which has reduced heavily due to the COVID-19 pandemic in the last five months”, he added.

In the last 3-4 months it seems that people have realized that the real estate prices can’t go below this point. The actual homebuyers were holding on to their decisions with hopes that the real estate prices will go down even further. So currently, it seems like an ideal opportunity for the homebuyers to take advantage of this move by the Maharashtra government and book a home they always wanted to own.

Paranjape Schemes has over 190 top of the line projects completed in the past 30 years with a strong presence in both residential and commercial sectors. Paranjape is also building the largest senior citizen home “Athashri” along with a geriatric hospital in the country at Pune that will be home to 1,200 families with investment of around Rs 1,000 crore.

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