Stamp Duty reduced in Mumbai & MMR & Pune
Stamp Duty on real estate has been reduced by 1 per cent for Mumbai, MMRDA Region and Pune for a period of two years.
[vc_row][vc_column][vc_column_text]Stamp Duty on real estate has been reduced by 1 per cent for Mumbai, MMRDA Region and Pune for a period of two years. This effectively will result in 4 per cent Stamp Duty and 1 per cent Metro cess.
Any cost reduction is welcome, and this move will positively impact home buyer sentiment. I appreciate the concern shown by the state government to help the home buyer as also real estate Industry.
The suggestion put forward by industry bodies was for a 50 per cent reduction, we view this move as a beginning. Now that the state government has identified industry problems, they will be sympathetic and are expected to take measures to improve the situation. These moves should result in a push to sales, with an increase in numbers.
While this move will impact collections, which might go down by an estimated Rs. 1,800 crore, I am confident that this shortfall be recovered through alternative avenues as also the impact of multiplier sales that will happen.[/vc_column_text][/vc_column][/vc_row]
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