Forward Looking Maharashtra Budget
The State Budget is believed to be forward-looking as it focuses on a long-term plan for the state. It will pave the way for a sustainable and prosperous Maharashtra by putting five aspects into action: agriculture, health, infrastructure, transportation, and industry. Ritesh Mehta, Senior Director & Head - West, Residential Services & Developer Initiatives, India, JLL shared, “The state government's decision to extend the duration to avail the stamp duty benefits from one year to three years is an investor-friendly step. This step will provide a boost to housing demand from investors over and above the existing end-user home buying. We believe that with this step by the state government, the retail investor fraternity would make a comeback in the top residential markets in Mumbai and Pune. Residential sales have already witnessed a smart recovery during the latter part of 2021. The sales in Mumbai and Pune have seen a y-o-y growth of 40% and 156% respectively during October to December 2021 quarter. The above measure is likely to help in not only maintaining the growth momentum but would give an extra fillip to the sector in terms of future sales.” Sandeep Runwal, President, NAREDCO Maharashtra and Managing Director, Runwal Group welcomed the government announcement of the Amnesty Scheme under the Stamp Duty Act as it will be applicable for pending penalties. “It will encourage people to come forward and pay the pending dues, which in turn will help increase the tax collection. Similarly, the proposal to waiver the Stamp Duty of 0.1 percent on gold and silver imported in Maharashtra is a welcome move, too. As it will have a direct and indirect impact on the real estate sector.”
Tags : Reactions Maharashtra Government announcement extending period for stamp duty waiver investors Sandeep Runwal President NAREDCO Maharashtra and Managing Director Runwal Group Ritesh Mehta Senior Director & Head - West Residential Services & Developer Initiatives India JLL