The National Real Estate Development Council (NAREDCO), Maharashtra as well as its member developers announced on Monday that they will extend the zero stamp duty scheme until December 31.
This comes as real estate sales witnessed a spike following the introduction of the scheme not too long ago. The idea behind the scheme was to encourage home buying and consequently rejuvenate the economy.
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After the State Government announced the reduction of stamp duty by 3 per cent and 2 per cent respectively, over 1,000 NAREDCO members followed up with an announcement that they would absorb the 3 per cent stamp duty charges to home buyers until Diwali. The latest announcement extends that timeline until the end of the year.
President of NAREDCO Maharashtra, Ashok Mohanani, said - “It’s a win-win for both the homebuyers and the developers, as the zero-stamp duty window will bring more homebuyers into the buying net. It will not only push the housing sales trajectory but also send positive signals to the foreign investors to accelerate their investment plans into the sector flushing more liquidity to tighten the supply side.”
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As for future plans, NAREDCO will reportedly seek foreign investment during a three-day ‘Real Estate and Infrastructure Investors Summit’ which will be held virtually on Wednesday. This event will be conducted in partnership with the Asia Pacific Real Estate Association (APREA) and Anarock Property Consultants.
President-Elect of NAREDCO Maharashtra, Sandeep Runwal said that an economic turnaround was a strong possibility if the state continues backing the real estate sector for at least two years.
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