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How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

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How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

Last updated: 2 weeks ago
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  • #91

    #91

    Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

    Maharashtra government plans to slash stamp duty and registration to boost real estate sector

    State revenue minister said that presently the Maharashtra government charges a six per cent stamp duty against a total cost of the flat and 1% stamp duty or Rs 30,000 registration which is lower.

    Published: 16th August 2020 08:13 PM | Last Updated: 16th August 2020 08:14 PM | A+A A-



    MUMBAI: The Maharashtra government has decided to slash stamp duty and registration charges to boost the ailing property sector.

    State revenue minister Balasaheb Thorat has said that the developers body and various stake holders had approached him demanding reducing the stamp duty and registration charges. He said that presently the Maharashtra government charges a six per cent stamp duty against a total cost of the flat and one per cent stamp duty or Rs 30,000 registration which is lower.

    "We will hear out all stakeholders and consult chief minister Uddhav Thackeray after which an appropriate decision will be taken to boost the real estate sector and economy. We have already taken several measures for hassle-free registration like giving online registration rights to developers who can do registration of their customers by sitting in their offices," the minister said.

    In the lockdown period, Maharashtra has lost more than Rs 2000 crore revenue that generally generated through the stamp duty and registration.

    Rajesh Prajapati, PR and media committee chairman at CREDAI- Maharashtra Chamber of Housing Industry (MCHI) welcomed the decision of the state terming it as much needed in this hour. He said, property sector works on the sentiments of the people.

    "Due to the pandemic situation, the housing projects were halted. While many people lost their jobs in other sectors while some of the people who retained the job, their salaries were recalibrated. Therefore, the real estate sector is going thorough unprecedented and never imagined situation. We can to come out from this ailing situation only with the active support of the government," Prajapati said.

    Real estate research firm Liases Foras said that the priorities of the people have been changed. "The COVID-19 has put the cascading effect not only real estate sector but other sectors as well. The blow due to COVID is very big. It will take time to come out from the glut. The government should slash the stamp duty and registration charges and subsequently developers reduce the soaring prices. The definition of affordability has to be changed keeping common buyers in mind, not the upper section of the society," MD Pankaj Kapoor said.











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    • #92

      #92

      Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

      Originally posted by anujwadhwa View Post
      Originally posted by Malvish View Post
      On a positive note, the site-visit-to-closure conversion rate seems to have increased considerably even though site visit numbers have been lower than ever. It is owing to the dawning fact that only serious buyers with the intent to buy, are visiting projects.
      What are the sources? How legit is this statement?

      I think this is just for spreading positve sentiments but actually fake, just to show markets are back and doing good but in reality it's crashing badly. People just want best ready to move in project not any project which is delivered and standing alone in some isolated area and brokers trying to sell it by lying ""oh sir this will happen, 60 mtr road will come, Metro and malls will come.""
      100% agreed. The property market is a lie box where each broker/ builder commits you moon and when you actually land you see that even after 5-10 years 90% of those promises are unmet.


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      • anujwadhwa
        anujwadhwa commented
        Editing a comment
        Yes... so DEW and all upcoming areas are scam until it turn out to reality (don't worry prices won't shoot up, take it easy)
    • #93

      #93

      Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

      The finance department however, does not favour deduction in stamp duty charges to boost the real estate sector as that would burden the already low finances of the government.
      Last edited August 21 2020, 11:32 AM.
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      • #94

        #94

        Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

        The Maharashtra government is planning to boost the real estate sector by slashing the premiums payable by builders for availing buildable area - Floor Space Index (FSI), for their projects in Mumbai and some other areas.
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        • #95

          #95

          Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

          The present government is likely to lower the existing premiums payable on the Floor Space Index (FSI) by another 10-15 percent of what the previous government had reduced last year.
          Last edited August 26 2020, 10:21 AM.
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          • #96

            #96

            Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

            In a recent survey to understand changing consumer behaviour, a majority of the respondents opted for ready-to-move-in projects with adequate 'open spaces' as a must, homes with with spacious balconies, multi-purpose usable spaces and some additional space to be able to accommodate a full-time maid or help.
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            • #97

              #97

              Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

              The Maharashtra has reduced stamp duty on housing units from 5 percent to 2 percent until December 31, 2020. From Jan 1, 2021, until March 31, 2021, it will be 3 percent.
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              • #98

                #98

                Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has provided relief to 'serious developers' who intend to complete projects by 2021 by stating that they won't be required to refund home buyers for delays caused during the pandemic.
                Last edited September 24 2020, 09:21 AM.
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                • #99

                  #99

                  Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                  Will developers now come up with better and feasible offers, giving ample discounts and affordable prices, now that the Maharashtra state government has cut down the stamp duty from 5 percent to 2 percent to help boost the real estate segment?
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                  • anujwadhwa
                    anujwadhwa commented
                    Editing a comment
                    I don't think so, they are in super EGO and will never let loose their huge profit margin even if they go bankrupt or behind the bars.

                • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                  Some real estate developers and experts believe that apart from a cut in stamp duty the government needs to give out heavy tax waivers and at the same time, developers should also be playing fair with the pricing of their projects, given present employment scenario, with people already bearing salary cuts or job losses.
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