Amid the Covid19 led economic slowdown, the Maharashtra State government had slashed the stamp duty charges. The stamp duty reduction came in two phases to boost the real estate developers, which was facing a slowdown due to COVID-19 and the subsequent lockdown. Initially stamp duty reduced to 2% between August till December last year. And it was made 3% between January 1st and March 31st, 2021. on March 31, The Maharashtra government decided not to extend the stamp duty waiver on property registrations and regular rates will be applicable from April 1st.
The positive impact of the concession has been very apparent in terms of an uptick in sales and property registration momentum in the past few months. This move triggered a rise in real estate projects in Mira road, especially in major cities of Maharashtra, as everyone wanted to avail of this golden opportunity. The Maharashtra state government has played a pivotal role in enabling the real estate industry to spearhead the revival of the economy amid the pandemic.
However, for the purchase of the same property, a man will have to pay 5% stamp duty from April 1st onwards. The real estate sector expressed disappointment over the government’s decision not to extend the stamp duty waiver.
Speaking about the stamp duty benefit, Mr. Jayesh Shah, Director, Ravi Group, said, “We realize that last year has been difficult for everyone. The pandemic had adverse effects on every sector and real estate was no different. However, we believe that things are slightly getting back to normal and people are getting back on track with their plans. Homebuyers have grabbed the golden opportunity to purchase properties in the last few months due to reduced stamp duty benefits.
We have seen tremendous pent-up demand for our Mira Road housing projects. Despite the lockdown and other challenges we have not only sold out flats but also handed over possession to its buyers in Mira Road.“
Ravi Group has delivered 40+ projects to date with the construction over the spurring area of 10 million+ square feet. For the last two decades, the company is seamlessly working on fulfilling the requirements of home seekers by providing them quality homes. Ravi Group which is one of the renowned real estate developers of Mumbai is constructing its distinctive projects in the location.
At Mira Road, Ravi Group has several indigenous projects like Gaurav Excellency, Gaurav Woods, and Gaurav Crest which are solely designed with the concept of promising lifestyle properties in Mira road. Moreover, in terms of social and physical infrastructure, connectivity and affordability the location is bewitching home seekers. Plush locations of the city are located in close proximity. With the high demand for housing in the area, new properties in Mira Road, Mumbai are being constructed.
The real estate developers in Mira Road & Mumbai have been reenergized and the demand for realty has seen considerable growth.