Realtors Bat For 50:50 Stamp Duty Formula

Jai Ganesh! Maha CM Eknath Shinde receives a memento from Team NAREDCO

Realtors Bat For 50:50 Stamp Duty Formula

50% concession and 50% to be borne by builders

CM Eknath Shinde promises help after consulting Finance Dept.

Mumbai, Oct 02 (The CONNECT) Chief Minister Eknath Shinde today promised to look into the realtors’ demand for a stamp duty reduction to help the industry grow.

Addressing the developer community on the third and last day of NAREDCO Homethon expo, Shinde said as the Urban development Minister in the previous State Cabinet, he had worked out a duty concession. He asked NAREDCO to present their wish chart which he said would be taken up with the Finance Department.

He pointed out that construction as an important sector and it should be able to provide housing for all. It is everyone's dream to own a home of good quality and at affordable rates.

Rajan Bandelkar, National President of NAREDCO said that he was hopeful of overcoming the backlog of the slowdown of the pandemic period. He suggested that the government should reduce the stamp duty by 50% and the balance 50% could be borne by the industry. In this manner, more homebuyers will get the benefit, he said.

Shinde (above, arriving at NAREDCO Expo) said that he was happy that the state of Maharashtra was leading in the fields of housing and provision of better network of access roads. The latter would help in promoting the housing sector. As a minister of Urban Development in the previous government he had already given concession on premium to the building industry which helped its revival to a large extent and now too he is willing to extend support to the industry.

Underscoring the need for affordable housing, Shinde pointed out that his team was working towards better cluster development of old and dilapidated buildings and also give precedence to housing for the police personnel. His vision was to make Mumbai a slum-free and healthy city.

Sandeep Runwal, President of NAREDCO Maharashtra said the organisation has always been supportive of the government’s initiative of affordable housing and police housing. He also urged for a reduction of stamp duty once again so that the benefits could be passed on to the home buyers.

Pratap Sarnaik, MLA, stated that affordable housing is a major issue and the construction industry should work out on rational use of increased FSI.

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