Panchshil Realty welcomes Maharashtra Government's bold move to reduce stamp duty on property transactions

Panchshil Realty welcomed the move by the Government of Maharashtra to reduce the stamp duty on property transactions by 40 per cent in urban areas and by 75 per cent in rural areas.

"This is a very welcome move by the Government of Maharashtra. It will not only give an impetus to the real estate sector but also boost overall economic activity as many allied industries are directly connected with the real estate sector," said Atul Chordia, Chairman, Panchshil Realty describing the move as a bold and progressive policy decision.

"Prospective buyers who have been sitting on the fence so far will now be motivated to take the plunge and invest in real estate thanks to the direct financial savings that will now accrue to them. Moreover, work can now be re-started in stalled projects. Hopefully, other State Governments too will take a leaf out of Maharashtra's decision and follow with similar bold steps," he added.

This relief given by the State Government is a timely move coming as it does, just before the upcoming festive season, and will definitely give a fillip to stagnant realty sales. Interest rates are at historical lows and with the US dollar being at its highest levels viz-a-viz the Indian Rupee, NRIs too will find it very attractive to invest in real estate in India now.

Panchshil Realty's Businesses - Key Highlights

* Panchshil Realty's three main business verticals comprise commercial office spaces, hospitality, and residential.

* Panchshil Realty's total completed real estate portfolio is around 23 million square feet with another 20 million square feet under development.

* A significant chunk of Panchshil Realty's office portfolio is anchored by Blackstone Real Estate Private Equity Fund, sponsored and managed by Blackstone Group LP.

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( With inputs from ANI )