In a major decision to revive the stagnant property market, the state cabinet on Wednesday decided to reduce stamp duty on flats for seven months, starting September. The duty will be lowered from the existing 5% to 2% starting September 1 till December 31 and will be pegged at 3% from January 1 till March 31, 2021. read more
Property registrations across the state, particularly in Mumbai and Pune regions, increased significantly in June. While the revenue collection in the first quarter of this fiscal was 78% less than the corresponding period last year, in June, it was much better—67% less than the same period in 2019-20. Developers and officials were optimistic and said the numbers will only get better from here on... read more
Property buyers can register their agreements online sitting in the builder’s office by July-end. Builders and developers are being given access to a software to enable such a process. The pandemic and restrictions on travel has prompted the move to revive the market. Property registration officials said the online option will only be available at the first sale or for the primary market for easier verification process. The secondary or re-sale market has been kept out of this convenience... read more
Starting 1 July 2020, the State Bank of India is offering home loans starting at 6.95%. This will be the second-lowest rate for home loans after Bank of Baroda, which offers home loans from 6.85% onwards. In the second week of June, the country's largest bank had announced a reduction in its external benchmark linked lending rate to 6.65% from 7.05%. The bank had also reduced the marginal cost of funds-based lending rate (MCLR) to 7% from 7.25%... read more
The Maharashtra Housing and Area Development Authority (MHADA) has announced a series of measures to expedite the process of redevelopment of MHADA colonies across the city, as many of them are in dilapidated condition. MHADA has agreed to make applicable reduced premium rates for existing ongoing redevelopment projects as well. The authority reduced the rate of premium for redevelopment projects in August last year... read more
Maharashtra Deputy Chief Minister Ajit Pawar announced concessions for two years in stamp duty for registration of documents which is expected to breathe new life into the ailing realty sector in Mumbai, Mumbai Metropolitan Region, Pune, Pimpri-Chinchwad and Nagpur. The duty will be down by 1 percent from existing 6 percent to 5 percent in these areas and would give a fillip to the construction sector... read more
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