Thousand projects of developers who are member of NAREDCO’s Maharashtra unit have decided to offer Zero Stamp Duty to homebuyers. This means in the city of Mumbai a direct 2% discount to homebuyers till December 31.
By Varun Singh
The high figures of real estate sales in Mumbai and the state has encouraged the builders to offer practical discounts.
NAREDCO Maharashtra has announced Zero Stamp Duty for home buyers on its members projects in Maharashtra until December 31, 2020.
This is in continuation of their previous offer that was for the festive season.
Over 1,000 projects of NAREDCO Maharashtra members have offered their properties for sale under this scheme.
This means projects in city like Mumbai are directly offering homebuyers a 2% discount.
The state government has announced that for the period between September 1, to December 31, the stamp duty shall be reduced by 3%. The same will be reduced by 2% between January 1, 2021 to March 31, 2021.
In Mumbai the stamp duty stood at 5% earlier and post the government’s announcement it has been brought down to 2% till December 31.
“It’s a win-win for both the homebuyers and the developers, as the zero-stamp duty window will bring more homebuyers of Maharashtra into the buying net.“Ashok Mohanani, President, NAREDCO Maharashtra
Sales in the city of Mumbai has picked up in September and has been growing since. In September a total of 5,597 sales were registered in Mumbai, the figure stood at 7,929 sales in October and till November 23, Mumbai witnessed 7,314 sales.
Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra said, “The zero stamp duty intervention set the precedence and boosted the entire sector in a growth mode. It ensured a quick inventory turnover and the trend will continue in the long-run. The next fiscal will see more liquidity with the foreign investors coming in action.”
Builders also say that the sales are getting registered at a faster pace According to Bandelkar, earlier deals would close in a span of several months now they have come down to a week in affordable segment projects and a fortnight to a month in luxury segment projects.