Maharashtra Government announced 50% cut down on high rise construction premium & levied charges to Builders & developers in Maharashtra

Good news for real estate developers in Maharashtra. The Government has decided to reduce construction premium and levied charges by 50% to increase sales. It will push buyers to approach real estate developers for bookings because due to reduced construction premium there is also reduced stamp duty.

As we get used to the new normal in the wake of Covid 19, we are still in the recovery phase.

All things are not streamlined smoothly. Everyone is hoping that the New Year ‘2021’ will give improved and enhanced opportunities whether it is a job, business, health, etc.

But the one business sector that is still not into the recovery stage due to the Corona Pandemic is real estate. Large group of Builders and Developers in Mumbai were hesitating to take a step to develop their new projects due to less demand of buyers & high construction premium levied on them.

Now it’s a good time for the construction sector. Important measures discussed and implemented by the Maharashtra government to reduce 50% construction premium & recovery amount at least by 50%. This decision is now applicable till the 31st Dec 2021.

This announcement will lead to a decrease in present stamp duty on the properties. And increase in property bookings across the state of Maharashtra

After the Covid unlock procedure Majority group of people are facing challenges in monetary terms. They are unsure about the decision on home buying in Covid is good or not. But still, they want to buy a vehicle, a house, and other luxurious things. In the wake of the dismal Real Estate sector, The Central Government formed a committee, which decided to cut down 5% to 2% stamp duty & other premium charges. Due to the reduction in stamp duty, Sales graph to book properties in Maharashtra has increased by a huge margin.

Real estate developers in Maharashtra were offering various attractive schemes at 0 interest rate, low down payment, 5% to 2% stamp duty and, 100% finance to help the buyers overcome the financial obstacle. It will make them feel more comfortable and help them make a decision on the buying stage without any hesitation.

Is it good to buy a home in 2021?
Yes, it is the best time to purchase a home, because of reduced tax exemptions, and interest rates the cost of home buying is also decreased. Budget 2021 announced tax relaxation benefits for affordable home construction. Home buying up to 45 lakhs is set as an affordable home-buying segment. It is good that one can go with affordable home-booking to enjoy major relief of tax introduced by the government of India. Moreover, there are good real estate developers with affordable housing in Mumbai. Although the choice is yours. But if you are budget constraint and looking out for an affordable home then feel free to check with Sonawane one of the known name for affordable home construction in Kalyan.