The Maharashtra government has decided to reduce stamp duty on real estate transactions between Sept. 1, 2020, and March 31 next year as part of measures to revive the state’s economy and developers who have been battered by the pandemic.
Pankaj Kapoor, founder and managing director of the real estate consultancy Liases Foras, said the move will help stimulate demand.
“It should be noted that (property) registrations in MMR and Pune regions have plummeted to 31% and 35% of pre-Covid levels,” he said. “The state government has done its part. Perhaps now if the central government also considers increasing interest exemption limit for homebuyers, it will certainly boost dried-up demand.”
Shishir Baijal, chairman and managing director of Knight Frank India, agreed. “We expect this to provide a temporary relief to end users looking for relaxation to complete their impending purchases,” he said in a text message.
“For fully-constructed properties, there’s no GST applicable as well,” Bhavin Thakker, managing director, Mumbai & Head, Cross Border Tenant Advisory, Savills India, said. “Moreover, developers are already offering reduced prices and freebies. A combination of all these will prove to be a good offering for buyers.”
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