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Real estate developers urge Maharashtra govt to reduce stamp duty, incentivise homebuyers who opt for green buildings
NAREDCO Maharashtra, a real estate developer body, met Maharashtra's revenue minister Chandrashekhar Bawankule and submitted a set of proposals
The National Association of Real Estate Developers Organisation (NAREDCO), representing real estate developers, has urged the Maharashtra government to reduce stamp duty to 3% for a year to boost property transactions.
The body has also asked the government to incentivise homebuyers who purchase property in certified green buildings and to keep the land rates in ready reckoner rate unchanged in the financial year 2025-26.
A 10-member delegation from NAREDCO Maharashtra, NAREDCO Pune, and NAREDCO Vidarbha, who met Maharashtra's revenue minister Chandrashekhar Bawankule recently, emphasised the need to stabilise land rates in the Ready Reckoner for the upcoming year.
The delegation also proposed special incentives for home buyers who buy certified green building projects.
NAREDCO urges Maharashtra government to reduce stamp duty by 3% for a year
To promote property transactions in the state, the NAREDCO has also suggested temporarily reducing stamp duty to 3% for a year. Currently, the stamp duty in Maharashtra state varies between 5% and 7%, depending on the city. Women homebuyers get a 1% discount on stamp duty.
"The key points presented include stability and rationality in land rates, reduction in stamp duty, incentives for homebuyers purchasing property in green buildings, among others," said Hitesh Thakkar, vice-president of NAREDCO West and partner of Prem Group.
The developers also proposed reducing stamp duty on the Registration of Development Management (DM) and Joint Development Agreements (JDA).
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"The discussions between NAREDCO Maharashtra and the minister were encouraging. Stabilising land rates and promoting certified green building projects are vital for sustainable growth in our sector. Advocating reduced stamp duty will stimulate transactions and enhance housing affordability in Maharashtra," said Chintan Vasani, Member of NAREDCO NextGen and partner of Wisebiz Developers.
