The Federation of Indian Chambers of Commerce and Industry (Ficci) has welcomed the Maharashtra Government’s move to reduce premiums charged by the civic authorities.
This is expected to give a fillip to the real estate activities in the state, it said. While on the one hand it will reduce the stamp duty burden for the buyers, on the other it will support the developers in building new projects at a reduced input cost thus effectively lowering the price for new projects in the long run, a Ficci press release said.
“Despite stamp duty-reduction showing an increase in revenue for the state, the state Government realised that given the current low residential demand and reduction in prices many projects were not viable. This move will ensure that projects stuck for last-mile funding, or that have no takers of unviable projects, are considered”, said Dutt. .
He added that the reduction in premiums will serve as role model for other state governments to revive the real estate sector and bring back much-needed employment and overall reduce the pain of the pandemic.