Reaction by Mr. Ram Naik – Executive Director, The Guardians Real Estate Advisory on Maharashtra Government’s decision to temporarily cut stamp duty on flats from 5% to 2% till December 31, 2020 and 3% following that till March 31, 2021

New Delhi, August 28, 2020: The steep reduction in stamp duty of 3% and 2%  till December 2020 & March 2021 respectively, will lead to an unprecedented surge in demand for the real estate sector. This move will benefit ready-to-move-in apartments the most as OC ready projects do not attract GST and the reduction in Stamp Duty will now bring down the transaction cost for such apartments to a very negligible percentage. We had been demanding a reduction in the transaction cost since quite sometime and today, we wholeheartedly welcome it. The timing of this move could not be better as it comes at the back of a substantial reduction in the repo rates. The reduced borrowing cost, negligible transaction cost and developers willing to offer lucrative prices, creates a great opportunity for serious consumers to make a purchase.

Corporate Comm India (CCI Newswire)