Maharastra real estate developers want reduction of stamp duty
A real estate developers’ body requested the Maharastra Government to reduce the ready reckoner rates that form the basis for stamp duty as the stamp duty is expected to rise from January.
The government should revise the stamp duty rates effective from January 01, 2013.
Paras Gundecha, president of Maharashtra Chamber of Housing Industry and Confederation of Real Estate Developers’ Associations of India (CREDAI) said that hike in stamp duty will only dampen buyer sentiment.
Chief Minister Prithviraj Chavan in a joint meeting promised developers that the government will give priority to mass and affordable housing.
The stamp duty rates are very high and also not appropriate with the current scenario of the real market. As a whole, real estate market is not so cheering with the cost of inputs increasing day by day.
It has become necessary that the government should create a friendly atmosphere to encourage home buyers to invest in the real estate market and there by real estate developers to get a good business. Any relaxation in the rates of stamp duty will go a long way in keeping the cost of housing under check, Gundecha added.
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