CREDAI MCHI Requests Maha Govt to Extend Stamp Duty

In a letter personally presented to Shri Balasaheb Thorat, Revenue Minister, Maharashtra Government, CREDAI MCHI, a leading real estate body with over 1800+ member developers, urged the State Government to extend the prevailing Stamp Duty rebate by 12 months to 31

BY Realty Plus
Published - Friday, 26 Mar, 2021

CREDAI MCHI Requests Maha Govt to Extend Stamp Duty

In a letter personally presented to Shri Balasaheb Thorat, Revenue Minister, Maharashtra Government, CREDAI MCHI, a leading real estate body with over 1800+ member developers, urged the State Government to extend the prevailing Stamp Duty rebate by 12 months to 31st March 2022, stressing on the substantially improved homebuyer sentiments and property registrations, higher job creation and tax collections for the state brought about by the stamp duty reduction – creating a positive cascading effect enabling the industry to lead the revival of Maharashtra’s economy. Acknowledging the support of the Government which has led to the recovery of the real estate sector in the state and especially in MMR, CREDAI MCHI’s recommendation stems from the current financial instability brought about by the pandemic on citizens and potential homebuyers. The industry body maintains that an elongated time frame to avail the reduced stamp duty charges will ensure the sustenance of the sales momentum that has witnessed record breaking property registrations in the past 6 months. Deepak Goradia, President, CREDAI MCHI, shares his comments “The State Government has played a pivotal role in enabling the real estate industry to spearhead the revival of the economy amid the pandemic. We highly laud the revenue minister Shri Balasaheb Thorat for his decisive and forward looking approach that has led to record breaking property registrations and overall improved homebuyer sentiments in the past 6 months. In view of the same, we have requested the Maharashtra Government to grant an extension of the stamp duty rebate for another 12 months to sustain the momentum whilst continuing the positive cycle of investment given the 250+ ancillary industries dependent on the industry, leading to further job creation and overall economic revival.”