Big boost to real estate: Maharashtra reduces all premiums by 50%
Now, buying homes will be cheaper in Maharashtra. In a big boost to real estate hit by the coronavirus pandemic, the Maharashtra government on Wednesday decided to cut all premiums related to the sector by 50 percent. It will be applicable till December 31, 2021.
The developers who opt for the 50% reduction in premiums will also have to pay the entire stamp duty when they sell flats to buyers. Builders will have to give an undertaking to the local bodies saying that they will pay the entire stamp duty and not charge any stamp duty from home buyers.
According to the revised scheme, builders will have to pay premiums based on the 2019 ready Reckoner (RR) rates or the 2020 rates, whichever is higher.
