Nagpur: In a bid to lift the pandemic-hit real estate market out of slumber, the Maharashtra government has decided to temporarily reduce the stamp duty.
The Government has announced a 3% reduction in the Stamp Duty from September 1 to December 31, 2020. The benefit will reduce to 2% from January 1, 2021 to March 31, 2021.
Speaking on this major policy decision aimed at boosting the real estate sector, Gaurav Agarwala, Secretary, CREDAI, Nagpur and Director – SDPL, Nagpur said, “Reduction in stamp duty is a welcome move and will provide huge benefits to those wanting to purchase their own property. For the home buyers, the interest on home loans is at all-time low. PMAY subsidy upto Rs.2.67 lakh is being offered to eligible buyers (Ending 31st Mar 2021 for MIG buyers). These benefits could prove to be the right time to own a property.”
“We believe that the residential market is unlikely to offer this palette anytime soon – rationalized pricing, lowest home loan interest rates of 6.85% approx, an extension of credit linked subsidy schemes and developers doling out lucrative schemes and now this is topped with lower stamp duty rates,” he elaborated.
“Affordable and mid-segment properties, which are in maximum demand, will see the most traction from such this move” said Agarwala.
CREDAI has been pursuing the state governments for reduction in stamp duty since the beginning of lockdown. The move will benefit the customer and foster demand creation along with giving a motivation to the real estate sector. The move will definitely stimulate the housing demand and help in converting inquiries into the sales closures before 31st March 2021 as expected.