Builders want stamp duty reduced to 1% for 4 months

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Builders body CREDAI-MCHI has written to state government asking them t reduce the stamp duty to 1%. They say this will boost sales.

By Varun Singh

In a letter addressed to Balasaheb Thorat, Revenue Minister, Government of Maharashtra, CREDAI-MCHI, asked the stamp duty to be reduced to 1% for 4 months to encourage home buying in MMR.

The reduction in stamp duty is a part of the list of demands made by the developers body to the government.

The apex body of builders, CREDAI MCHI, during its recently organized webinar with the Revenue Minister, also urged the government to announce measures to provide stimulus in the form of wages and directives to reduce costs, enabling preservation of jobs in MMR Real Estate.

Given the meagre situation of migrant workers in MMR, the builders body hopes that the Government undertakes substantial measures to protect the best interests of the laborers.

A short-term shortage of workers is also bound to hugely impact MMR real estate.

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In order to limit the long-term implications of COVID – 19 on the industry, the apex body of builders CREDAI MCHI has requested these steps from the authorities;

  1. Stamp Duty should be reduced to 1% on all Real Estate transactions for next 4 months
  2. In order to curb the gathering of people and ensuring social distancing, online registration should be given a priority
  3. Ready Reckoner Land Rate Slum declared private land to be 25 % of land rate of open Land as done in Govt. owned Slum lands. Currently valuation is on basis of 3-4 FSI and not reflective of actual market value
  4. Stamp duty on development agreement joint venture joint developments etc needs to be reduced to 1% for next one year this will encourage developers come together and develop the lands.
  5. Amalgamation, Merger, Demerger or Reconstruction of Companies, NCLT Orders or Court Consent terms maximum Stamp Duty payable shall be Rs 10 lakhs, to allow companies to have a stronger balance sheet and take up projects.

CREDAI MCHI President Nayan Shah, said, “The entire Real Estate fraternity is currently caught up in an unprecedented scenario which the economy has never witnessed before. In the midst of an economic disruption, Indian Real Estate has suffered extensively and needs critical intervention from the Maharashtra Government for its survival. We also request the authorities to share a stimulus package to alleviate fears of job loss in the industry, with lacs of workers directly or indirectly dependent of the industry.”

Also Read: Stamp duty reduced by 1% in Mumbai, MMR, Pune

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