The reduction in the Stamp Duty is one of the few good things the Maha Vikas Aghadi has initiated in the real estate sector.
This reduction from 6% to 5% will save home buyers a decent amount of money as 1% saving in Mumbai & Pune etc can lead to substantial savings.
This would further enhance the real estate transactions and this move is an extremely welcoming gesture from Shri Uddhav Thackeray led Maha Vikas Aghadi Government which is very pro Maharashtra and people can see them in action already on various fronts.
Mr. Ajit Pawar the deputy Chief Minister states that, “this adjustment is the Stamp Duty will help promote the real estate sector in the current slowdown.”
It must be noted that the Union Government in the Budget which was presented in Feb 2020 did not have any sops for the real estate sector.
Mr.Sandeep Sadh, CEO, MumbaiPropertyExchange.com and PROPi.in states that, any small benefit in taxation makes the deal easier, in Mumbai property negotiations always have a gap of 3 to 5% when you are on the table. This 1% will further help as a positive step in the real estate sector in Mumbai. Also, this will lower the burden on Home Buyers on the Under Construction Projects also, since under RERA they need to pay the Stamp Duty after completing their 10% of Down Payment under RERA.
Team – Propi.in