The Housing Minister of Maharashtra, Mr. Atul Save, made a noteworthy announcement for the housing sector when he alluded to potential future reductions in stamp duty and registration fees for real estate developers. During the opening of ‘The Real Estate Forum 2024’ in Mumbai, Mr. Save stated that the state government is amenable to the notion of more incentives aimed at promoting the sale of residential properties.
“To increase home sales, NAREDCO Maharashtra has asked for more stamp duty and registration fee reductions on behalf of its developer members. As we develop our new housing rules, we will take these suggestions into consideration,” Mr. Atul Save stated. He emphasized that the state had earlier reduced registration fees for women buying residential properties by one percent and recommended that additional measures could be introduced.
The government is getting ready to introduce new policies targeted at reviving the housing sector, according to Ms. Valsa Singh Nair, Additional Chief Secretary of the Housing Department. These consist of a new PAP (Project Affected Persons) Policy to guarantee the timely completion of redevelopment projects and an amnesty program for SRA (Slum Rehabilitation Authority) projects that have reached a standstill.
The first session also saw the release of a report by NAREDCO and JLL titled “Mumbai Residential Market through The Lens of Time,” which offers insightful information on how the city’s residential market is changing.
Source: Prop News Time
