Maharashtra: NAREDCO members waive stamp duty for home buyers

The Maharashtra government on August 26 decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020.

The stamp duty from Jan 1, 2021, until March 31, 2021, will be 3 percent, they said. The decision was taken to promote affordable housing as the real estate sector has been severely affected due to the coronavirus pandemic.

Now following the cut in stamp duty, the national body of real estate sector Naredco (National Real Estate Development Council) has waived off stamp duty for residential property transactions in the state.

The offer is available on its portal HousigforAll.com also and will be applicable till October 31. All the projects are RERA registered.

Rajan Bandelkar, president, Naredco–West, and Convener, HousingForAll.com said, “This unprecedented decision to charge no stamp duty on housing sales will bring a new wave of home buying in the short run and change the demand-supply dynamics positively. It will also result in a substantial savings and reduction in transaction costs for the end user. I appeal to all the consumers that it is a golden opportunity to buy a home as the property prices are lowest and bank loan interest rates are at an all-time low and stamp duty is becoming zero.”