Builder members of NAREDCO Maharashtra, have decided to pay the stamp duty of their homebuyers till October 31. Already state government has reduced Stamp Duty by 3% till December 31, 2020.

By Varun Singh

Buying a home your builder might just end up paying even your stamp duty.

Yes heard it right, the apex real estate body NAREDCO Maharashtra, announced on Thursday to to waive off the stamp duty and bear the burden themselves.

The Maharashtra Government recently announced slashing of stamp duty by 3% from September 1 to December 31, 2020 and by 2 percent from January 1 to March 31, 2021.

Builder members of NAREDCO Maharashtra are offering the waiver on affordable and luxury residential properties in over 1,000 housing projects.

Developers from Mumbai, MMR, Pune and Nashik have decided to waive off the stamp duty and bear the burden themselves in a bid to revive the economy. Other developers are also expected to jump the bandwagon at a later stage.

Rajan Bandelkar, President, NAREDCO – West and Convener, said, “This decision to charge no stamp duty on housing sales will bring a new wave of home buying in the short–run and change the demand- supply dynamics positively.”

Meanwhile, Industry experts believe that, the builder community should offer more discount apart from paying 2% stamp duty.

“The government has already reduced stamp duty and so builders will be offering 2% waiver. The builder community needs to give a discount of 10 to 15% to homebuyers,” said Pankaj Kapoor, MD, Liases Foras, a real estate research firm.

According to Ashok Mohanani, President Elect, NAREDCO – West, decision to waive the stamp duty completely on the sales of residential properties.

The real estate market is currently in not a very good shape. Sales are down and developers are offering various discounts. This move is what developers expect will attract homebuyers.

Also Read: Stamp Duty Cut How Much Did State Earn On Day 1?

Leave a Reply
You May Also Like

Builder Sells SoBO Flat At Less, For Want Of Liquidity

A top builder from South Mumbai sold his flat located in upmarket…

Nirmal Asked To Pay Interest To Homebuyers

Nirmal Lifestyle Ltd was directed by MahaRERA to pay half a dozen…

Indian Economy & Residential Real Estate – The Narrative in Charts

Indian Economy & Residential Real Estate – The Narrative in Charts, by…

MahaRERA: suo-motu action on 85 projects in March

MahaRERA has uploaded 61 orders of suo-motu action it took against realty…