Real Estate industry demands Maharashtra govt reduce stamp duty from 5% to 2%

MUMBAI: The real estate industry has once again asked for a reduction in stamp duty blaming the second wave of the Covid pandemic for subdued sales.
In separate letters to chief minister Uddhav Thackeray, deputy chief minister Ajit Pawar who also holds the finance portfolio and to revenue minister Balasaheb Thorat, CREDAI-MCHI, the real estate representative body has asked for reversal of stamp duty to 2% till March 2022.
Deepak Goradia, president, CREDAI-MCHI said real estate sales in the last couple of months have seen a steep downward trend. "Enquiries and sales are down and it is imperative that the government continue the stamp duty rebate. Even state government collections have taken a massive hit," he said.
Manju Yagnik, senior vice president NAREDCO said both April and May have witnessed moderate sales after the government decided to reinstate 5% stamp duty on property registrations. " The government must reduce stamp duty to bring back the momentum and help the sector tide over the crisis," she said.