Maharashtra developers seek reduction of stamp duty

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SME Times News Bureau | 20 Dec, 2012
With the stamp duty likely to rise from January next year, a real estate developers' body Wednesday urged the Maharashtra government to slash the ready reckoner rates that form the basis for stamp duty.

"The government should revise the ready reckoner rates effective New Year's Day. I appeal to Chief Minister Prithviraj Chavan to ensure that the home buyers are not unduly burdened with the fresh load of stamp duty," said Paras Gundecha, president of Maharashtra Chamber of Housing Industry and Confederation of Real Estate Developers' Associations of India (MCHI-CREDAI).

Recalling that Chavan promised developers in a joint meeting a few months ago that the government would give top priority to affordable and mass housing, Gundecha pointed out that any hike in the duty would dampen buyer-sentiment.

"The ready reckoner rates are very high and not commensurate with the real market scenario. The overall real estate market sentiment is not very encouraging with the cost of inputs - from funding to materials and labour - increasing by the day," Gundecha said.

"It is, therefore, imperative for the government to create a congenial atmosphere for encouraging home seekers to buy and developers to do their genuine business," he added.

"Any relief in terms of the stamp duty will go a long way in keeping the cost of housing under check," he said.