Maharashtra: Real Estate Body Seeks Reinstatement of 2% Stamp Duty on Property Registrations

Maharashtra: Real Estate Body Seeks Reinstatement of 2% Stamp Duty on Property Registrations

Real estate body CREDAI-MCHI has written to Maharashtra Chief Minister Uddhav Thackeray, Deputy CM and Finance Minister, Ajit Pawar, and to Revenue Minister Balasaheb Thorat seeking reinstatement of 2 per cent stamp duty rates until March 2022. The State Government brought back 5 per cent stamp duty for property registrations on April 1, 2021. 

President of CREDAI-MCHI, Deepak Goradia, said that real estate sales during the last few months have been lacklustre. “Enquiries and sales are down and it is imperative that the government continue the stamp duty rebate. Even state government collections have taken a massive hit,” Goradia said.

Senior VP of NAREDCO, Manju Yagnik echoed the same sentiment saying that the months of April and May have seen moderate sales as the State Government decided to reintroduce the 5 per cent stamp duty on property registrations. “The government must reduce stamp duty to bring back the momentum and help the sector tide over the crisis,” she said.

Also read - Indian Hotel Industry Faces Loss Of Over INR 1.30 Lakh Crore Due To COVID-19 Pandemic: FHRAI

Founder and Managing Director of the Hiranandani Group, Dr Niranjan Hiranandani said, “Housing sales grew month on month, and there was no denying the positive impact which the stamp duty rate reduction had on the same. Effectively, reducing the stamp duty rate resulted in the state government getting more revenue than in the previous months; for the home buyer it was the ‘tipping point’ between being a fence-sitter and an actual buyer.”

“In the aftermath of the scheme not being extended, we have seen the impact on sales. The second wave has impacted not just the economy but also home buyer sentiment, and any move that brings back positivity – including a reduction in stamp duty rates – will play a major role in boosting sales and ensuring that homebuyers are safe in their new homes in the ‘new normal. While we work towards vaccinating India’s population, ensuring herd immunity and returning to ‘near normalcy’, positive moves like stamp duty rate reduction will obviously boost sales in housing,” Hiranandani added.

ReadMaharashtra Govt's Decision To Reduce Stamp Duty Boosts Housing Sales

Read this story in मराठी
MumbaiLive would like to send you latest news updates