Atul Save, the Maharashtra government’s minister of housing, stated during the third Real Estate Forum 2024 event, which was hosted in Mumbai on August 29 by the National Real Estate Development Council (NAREDCO), the highest body of real estate developers, that the government may take into account the demand of real estate developers for more exemptions from registration and stamp duty fees in order to increase the state’s housing sales.
“To increase housing sales, Naredco Maharashtra has asked for more reductions in stamp duty and property registration on behalf of its developer members. Any such additional concessions will be considered by the government,” he stated.
Save stated that “the state government had already given one percent reduction on registration to women who wanted to buy a residential property.” Save was speaking about the Central government’s quest for affordable housing and the Housing for All initiative. We’ll also consider any other registration discounts we may offer,” he stated, adding that recommendations from the NAREDCO Maharashtra real estate forum would be taken into account for the new housing policy.
Additionally, Save made a request to real estate developers to step forward and contribute to the construction of 1.25 lakh homes in Mumbai for mill workers.
1.5 lakh mill workers in Maharashtra have been identified by the government, and they will be given dwellings larger than 200 square feet. These laborers had lost their houses when Mumbai’s mills closed in the 1980s. Already, over 20,000 dwellings have been allocated to mill workers.
In 2020, the Maharashtra government declared that mill workers would receive subsidized housing. Instead of offering ₹18 lakh, the price of the dwellings for mill workers was lowered to ₹9.5 lakh.