Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said, “With the Maharashtra Government’s decision to reduce stamp duty on redeveloped housing society apartments to 100 Rs. This move by the Maharashtra Government is revered and will be of immense benefit to redevelopment projects. Mumbai MMR is home to a large number of old housing societies with buildings in dilapidated conditions awaiting redevelopment. This welcome move will now expedite the process and encourage other societies in need of redevelopment to take the next step. Overall, this is a positive step taken by the Government that will be beneficial for both tenants and developments. As an outcome, the process of redevelopment will get cheaper and faster, benefiting many housing societies in Mumbai MMR and enabling a quality lifestyle for many.”
Amit Jain, CMD, Arkade Group on Maharashtra stamp duty stated, “The Maharashtra Government's decision is highly appreciated, as it has effectively addressed the ambiguity surrounding PAAA (Permanent Alternate Accommodation Agreement) stamp duty charges. This clarification brings much-needed clarity to both societies and their members, facilitating a faster process of society redevelopment. Moreover, it comes as a relief for senior citizens who were previously burdened with the need to visit the registration office twice to avoid paying the additional duty. The potential for redevelopment is significant in various micro markets, including areas in Mumbai's eastern and western suburbs like Vile Parle, Borivali, Santacruz, Malad, Andheri, and others.”
