See also: Projects in Panvel.<\/a><\/p>\nIndustry leaders have made representations to the government seeking reductions in stamp duty as well as ready reckoner rates. The government recently appointed a committee, under the chairmanship of HDFC head Deepak Parekh, to make recommendations to boost the sector. One of its recommendations was to cut stamp duty by 50 per cent.<\/p>\n
The stamp duty is the largest revenue earner for the government, after GST and sales tax and VAT. In 2019-20, the state earned Rs 29,500 crore through stamp duty. In 2020-21, it expects to raise only an additional Rs 500 crore.<\/p>\n
The finance department is opposed to any cut in stamp duty, as it fears that would further erode the state\u2019s precarious financial condition.<\/p>\n
According to research firm Liases Foras, only 6,396 units were sold in Mumbai Metropolitan Region in the first quarter of the current financial year \u2013 a drop of almost 62 per cent compared to the same period last year.<\/p>\n
Niranjan Hiranandani, president of the National Real Estate Development Council, said a cut in stamp duty will not reduce government revenues. \u201cIf the real estate industry picks up, various allied industries will also get a boost and the state\u2019s income will increase,\u201d he said.<\/p>\n
Chief Secretary Sanjay Kumar told Mumbai Mirror: \u201cThe state government is trying various ways to prop the real estate sector and one of them is reduction of stamp duty. The proposal is under discussion.\u201d<\/p>\n
Source: MumbaiMirror<\/p>\n","protected":false},"excerpt":{"rendered":"
Maharashtra is considering reducing stamp duty on real estate from 5 per cent to 2 per cent in order to give a boost to the industry. In March this year, the new government, in its maiden budget, announced a 1 per cent cut in stamp duty in an effort to breathe new life into the […]<\/p>\n","protected":false},"author":1,"featured_media":1040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-1039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-events"],"_links":{"self":[{"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/posts\/1039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/comments?post=1039"}],"version-history":[{"count":1,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/posts\/1039\/revisions"}],"predecessor-version":[{"id":1041,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/posts\/1039\/revisions\/1041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/media\/1040"}],"wp:attachment":[{"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/media?parent=1039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/categories?post=1039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.qualcondreams.com\/in\/wp-json\/wp\/v2\/tags?post=1039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}