Maharashtra Government after witnessing the stagnant real estate sector hit by the coronavirus pandemic stamp duty reduction on flat registrations by 3 % till 31st December 2020, and 2 % from January 2021 to March 2021. It was a strong move for the realty sector as well as the homebuyers. Builders urged the government to take action by reducing stamp duty and other premiums and taxes to revive sales and attract home buyers.
The real estate industry has been unprecedented with property transactions dipping to near-zero during the nationwide lockdown due to novel coronavirus. With over 734K corona cases in Maharashtra, it is amongst the worst affected state by COVID-19 in the country. For Mumbai and Pune real estate developers, the reduction in stamp duty is a much-awaited measure taken by the state government. Though the reduction in stamp duty is temporary, it is a strong move against the dampened real estate market hit by coronavirus pandemic and will help in reviving the property sales as it encourages people to buy sooner rather than later.
Announcement of stamp duty rate cut at the onset of festivity with Ganesh Chaturthi could boost sales as it will influence the homebuyers in buying their dream home at a more affordable price. It will encourage first-time homebuyers, people who are on the lookout for investment as well as resale flat buyers to invest in real estate. This move will mostly benefit ready-to-move-in apartments since it will bring down the transaction cost for such apartments to a very negligible percentage. It will also provide temporary relief to end-users looking for relaxation to complete their impending purchases.
Goel Ganga Developments, one of the trusted real estate developers of Pune has offered several incentives to its customers like reducing the token amount to Rs. 11,000 so that our customers can buy their dream home with ease. Our team is working tirelessly to provide you the smoothest and enriching home-buying experience, as a home is the only place we need at the end of the day.
If you are planning to buy a dream home in this festive season, this is the time.