Combine Stamp duty Cut with Circle Rate Reduction
Ajay Sharma, Managing Director, Valuation Services, Colliers International India. In a major boost to the real estate sector in the state, Maharashtra government announced a cut in stamp duty and other levies for buying and selling of properties in urban and rural areas The reduction of stamp duty by 3% till 31st December 2020 and from 1st January 2021 to 31st March 2021 a reduction by 2% approved by Maharashtra government over and above the 1% reduction announced in its earlier budget is a vital inducement to make it lucrative to buy real estate. To sustain the uptick expected, the state should combine this with reduction of ready reckoner rates reducing costs for developers, whose benefits can be passed onto buyers to make it a truly exciting proposition.
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