Builders to bear stamp duty in select projects in Maharashtra to push sales

According to many reports, the developers were holding on to high costs and not letting a correction happen, but the same happened because of the pandemic. The lobby grouping has started a portal called 'housingforall.com' and developers who register their projects on the website will offer the bonanza for the buyers, it said.

A builders' body on Thursday announced that its members will bear the stamp duty on apartments purchased in 1,000 projects in Maharashtra till October-end. Members of the lobby group Naredco have decided to take the tab, which got reduced to 2 per cent by the government in order to give a thrust to the realty sector from the earlier 5 per cent, for projects in the financial capital and adjoining areas, Pune and Nashik, an official statement said.

Developers were saddled with high inventory levels even before the pandemic began due to a variety of reasons, including excess supply amid slowing economic growth. According to many reports, the developers were holding on to high costs and not letting a correction happen, but the same happened because of the pandemic.

The lobby grouping has started a portal called 'housingforall.com' and developers who register their projects on the website will offer the bonanza for the buyers, it said. "This unprecedented decision to charge no stamp duty on housing sales will bring a new wave of home buying in the short–run and change the demand- supply dynamics positively," convenor for the portal Rajan Bandelkar said.

As per the statement, the move can benefit homebuyers immensely and also help 250 other industries which rely on the sector directly and indirectly and also help the job situation..