To stimulate housing sales in the state, the Maharashtra government might explore the possibility of granting additional concessions on registration and stamp duty charges, according to Atul Save, the state’s housing minister. He spoke at the third edition of The Real Estate Forum 2024, organized by the National Real Estate Development Council (NAREDCO), in Mumbai on August 29.
An official stated, "Naredco Maharashtra has asked for additional exemptions in stamp duty and registration fees to encourage purchases of residential properties on behalf of its developer members. The government will consider granting such concessions."
Regarding the Central government's focus on affordable housing and the Housing for All initiative, Save noted that the state government has already implemented a 1% reduction in registration fees for women purchasing residential property.
He added that the government is open to considering additional registration concessions, and suggestions from the NAREDCO Maharashtra real estate forum will be taken into account for the new housing policy.
Save also encouraged real estate developers to invest in constructing 125,000 houses for mill workers in Mumbai.
According to him, MHADA has a stock of 2000 houses and they have received 30,000 applications. The reduction in cost for MHADA houses will only apply to surplus tenements acquired under Sections 33(5) and 33(7).
In response to NAREDCO's request for reduced pricing on MHADA houses in Pune, Save assured that the issue would be brought before the MHADA Board for discussion.
He also urged real estate developers to take the initiative in constructing 125,000 houses for mill workers in Mumbai.
The Maharashtra government has identified 150,000 mill workers who will be allocated homes larger than 200 sq ft. These workers lost their homes following the closure of mills in Mumbai in the 1980s, with approximately 20,000 mill workers already having been assigned homes.
Valsa Singh Nair, Housing Department's Additional Chief Secretary of Maharashtra Government stated that they will soon implement fresh policies such as amnesty schemes for stalled SRA (slum rehabilitation) plans and the updated PAP Policy to assure timely fulfillment of redevelopment projects.
President of NAREDCO Maharashtra, Prashant Sharma commented that Mumbai and Pune are leading a remarkable surge in the real estate industry with almost 54% of new launches last year. This expansion can be attributed to increasing incomes, economic growth, demographic advantages and supportive governmental policies. Meanwhile, Chairman of NAREDCO -Niranjan Hiranandani urged state government officials to allocate 5K slum redevelopment projects for his organization's use.
According to Sandeep Runwal, Vice Chairman of NAREDCO Maharashtra, there has been a 30-40% increase in the residential market in Mumbai due to higher demand for bigger homes and better lifestyles. Furthermore, Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC) stated that Mumbai is experiencing unprecedented infrastructure growth with almost 300 kilometers worth of metro lines being constructed - an achievement comparable even to London's extensive network.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
