In yet another attempt to boost real estate demand, the state cabinet, in a meeting chaired by chief minister Uddhav Thackeray, approved a 50% reduction in premiums for ongoing and new real estate developments undertaken up to 31 December. Developers availing of the scheme would have to pay full stamp duty and registration charges on behalf of homebuyers.
Premium refers to charges that are levied by a state with respect to approvals for initiating, progressing, and completing the area in a project.
The move will help expedite project completion and the realty industry would witness new launches.
Residential sales in Mumbai, India’s most valuable property market saw a sharp surge in December. The Maharashtra government had in August, stamp duty rates were reduced from 5% to 2% till December 2020 and 3% till March 2021
In the past one month, the Nifty Realty index has jumped 15.06%, while the benchmark Nifty 50 index added 6.24% during the same period.