Realtors requests Maharashtra Govt to cut Stamp Duty & promote Green Buildings

The National Association of Real Estate Developers Organisation (NAREDCO) has called on the Maharashtra government to temporarily reduce stamp duty to 3% for a year to boost property transactions.

The industry body also urged the government to offer incentives for homebuyers purchasing properties in certified green buildings and to maintain current land rates in the ready reckoner for the 2025-26 financial year.

A 10-member delegation from NAREDCO Maharashtra, NAREDCO Pune, and NAREDCO Vidarbha recently met with Maharashtra Revenue Minister Chandrashekhar Bawankule to highlight these requests.

The group stressed the importance of stabilizing ready reckoner land rates and encouraging sustainable development through incentives for green building projects.

Currently, stamp duty in Maharashtra ranges between 5% and 7%, varying by location, with women homebuyers receiving a 1% discount. NAREDCO believes a temporary reduction to 3% will promote housing affordability and increase transaction volumes.

Additionally, they proposed reducing stamp duty on Development Management (DM) and Joint Development Agreements (JDA).

Hitesh Thakkar, Vice President of NAREDCO West and Partner at Prem Group, said the key proposals focused on rationalizing land rates, reducing stamp duty, and incentivizing green building purchases.

Chintan Vasani, Member of NAREDCO NextGen and Partner at Wisebiz Developers, described the discussions as encouraging, emphasizing that stabilizing land prices and promoting green projects are critical for sustainable sector growth. He added that reduced stamp duty would enhance housing affordability and stimulate market activity across Maharashtra.