NAREDCO Maharashtra developers give a zero stamp duty booster to homebuyers

Intro: Apex realty body announces festive bonanza to homebuyers by waiving off the stamp duty completely in the state and also on its online portal HousingforAll.com till 31^st October 2020

In a move that could benefit homebuyers immensely, revive 250 industries directly and indirectly and at the same time save lakhs of jobs in the state, NAREDCO, the apex national body of real estate industry has come forward to reciprocate the bold and customer-friendly decision of the State Government. The offer is available from today till October 31, 2020.

The Maharashtra Government recently announced slashing the stamp duty on the purchase of new houses by 3 percent from September 1 to December 31, 2020 and by 2 percent from January 1, 2021 to March 31, 2021 to uplift the market sentiments.

In a step forward, members of NAREDCO Maharashtra have come together to offer various affordable and luxury residential properties in over 1,000 housing projects under this scheme. A majority of developers from Mumbai, MMR, Pune and Nashik have decided to waive off the stamp duty and bear the burden themselves in a bid to revive the economy. Other developers are also expected to jump the bandwagon at a later stage.

This is the first time when such a large number of reputed developers have come together to ease the burden of stamp duty levied on the homebuyers. The scheme will be applicable to the projects registered on HousingForAll.com portal, as well.

Mr Rajan Bandelkar, President, NAREDCO – West and Convener, HousingForAll.com said, “After the Government of Maharashtra’s blockbuster measure to reduce the stamp duty on the property buying, it is another milestone step by NAREDCO Maharashtra to cheer the homebuyers. This unprecedented decision to charge no stamp duty on housing sales will bring a new wave of home buying in the short–run and change the demand- supply dynamics positively. It will also result in a substantial savings and reduction in transaction costs for the end user. I appeal to all the consumers that it is a golden opportunity to buy a home as the property prices are lowest and bank loan interest rates are at an all-time low and stamp duty is becoming zero.”

Mr Ashok Mohanani, President Elect, NAREDCO – West, said, “Making the already jubilant homebuyers happier, our unanimous decision to waive the stamp duty completely on the sales of residential properties will add to the home buying euphoria and support the Government’s efforts to push housing demand in the state. This will give a much – needed relief to homebuyers, as there will be no stamp duty obligation any more, making home buying attractive, faster and seamless with substantial savings.”

Real estate is a second-largest employer in the country and a move like this from the apex body would also be instrumental in arresting the job losses in the country during such challenging COVID time which ultimately boosts the economic growth in the State.