Naredco Extends Stamp Duty Waiver By 2 Months
In an attempt to boost residential sales, NAREDCO- Maharashtra has decided to extend its offer of bearing stamp duty charges on behalf of homebuyers until December 31, 2020.
In September, the NAREDCO-Maharashtra chapter had announced that it would bear stamp duty charges until October after the state government cut stamp duty by 2-3 percent in major cities. More than 1,000 NAREDCO Maharashtra members have offered their properties for sale under the scheme.
The apex body of developers says zero stamp duty has pushed Mumbai’s residential realty sales by 300 percent from August 2020 to October 2020, to organise three–day Real Estate and Infrastructure Investors’ Summit 2020 from November 25 to 27.
The zero stamp duty window, said Ashok Mohanani, president, NAREDCO-Maharashtra, is a “win-win” for both the homebuyers and the developers, as the zero-stamp duty window will encourage more homebuyers from Maharashtra to buy property. It will not only push the housing sales trajectory; but also send positive signals to the foreign investors to invest in the sector and bring in more liquidity, he said. Sandeep Runwal, President-Elect, NAREDCO-Maharashtra, said that the “lower tax regime has given volumes without impacting the government’s revenues,” he said.