CREDAI-MCHI asks the Government of Maharashtra to elongate the stamp duty reduction by another 12 months.

The real estate developers’ association CREDAI MCHI urged the Maharashtra government to extend the currently reduced stamp duty to 31 March 2022. It emphasized that the sentiments and registrations of the properties, job creation and overall tax collection for the State were considerably improved after the stamp duty was cut.

Representatives of the real estate body that has over 1,800 members stressed the positive cascading effect of property market recovery on Maharashtra’s economics in a meeting with the State Revenue Minister, Balasaheb Thorat.

“A key role has been played by the State Government in allowing the real estate industry to lead an economic revival in the midst of a pandemic.  We have requested that the Maharashtra Government extend the stamp duty rebate for another 12 months in order to maintain momentum while continuing the positive cycle of investment given the over 250 ancillary industries that rely on the industry, resulting in further job creation and overall economic revival,” said Deepak Goradia, President, CREDAI MCHI.

Recognizing the government’s support for the recovery of the state’s real estate sector, particularly in MMR, CREDAI MCHI’s suggestion stems from the current financial insecurity imposed by the pandemic on citizen and potential homebuyers.

The industry body insists that extending the timeline for taking advantage of the reduced stamp duty charges would ensure the continuation of the sales momentum that has seen record-breaking property registrations in the last six months since the announcement of the stamp duty reduction.