Realtors urge Maha govt to reduce stamp duty by 1 pc for 4 months

Developers' association Credai-MCHI on Wednesday urged the Maharashtra government to reduce stamp duty by 1 per cent for the next four months to spur demand in the real estate sector amid the Covid-19 crisis.

It also sought a stimulus package from the state government to save jobs.

"The entire real estate fraternity is currently caught up in an unprecedented scenario which the economy has never witnessed before. The sector has suffered extensively and needs critical intervention from the Maharashtra government for its survival.

"We have sought one per cent reduction in stamp duty for four months, which will provide the much-needed fillip to the sector and encourage home buying in the MMR," Credai-MCHI President Nayan Shah said in a statement.

He further said the current crisis will lead to extensive job and business losses in the real estate industry, which is one the largest employment generating sectors and supports nearly 150 allied industries.

"We also request the authorities to share a stimulus package to alleviate fears of job loss in the industry, with lacs of workers directly or indirectly dependent of the industry," Shah said.

A day after Prime minister Narendra Modi announced the second phase of lockdown till May 3, the Ministry of Home Affairs on Wednesday came out with a list of economic activities that will be permitted after April 20 in non COVID-19 hotspot areas.

Maharahstra has reported around 2,800 COVID-19 cases so far with nearly 178 deaths, which is the highest in the country.

The developers' association also sought reduction in stamp duty on development agreement, joint venture and joint developments for the next one year.