Maharashtra cuts 50% premium for all real estate projects

New Delhi: In a major boost for the real estate industry in the state, Maharashtra has approved 50 percent cut in premium for all current and new projects up till the end of this calendar year.

The state cabinet has approved the cut under the new DCPR rule 2034.

“It is a move expected to meet the urgent need for economic activity and generating employment. The industry will be injected with additional liquidity in the backdrop of cumulative policy reforms due to Covid pandemic, which has been considered as a 'force majeure' situation by the Government of India,” said Niranjan Hiranandani, National President-NAREDCO.

In August 2020, Maharshtra government had cut stamp duty on registration charges for property to 2 percent from 5 percent earlier for transactions between 1 September and 31 December 2020. The stamp duty was cut to 3 percent for transactions between 1 January and 31 March 2021.