There is a piece of good news for homebuyers in Maharashtra. After reduction of stamp duties in the state from 5 percent to 2 percent until December 31, 2020, to encourage residential sales, the Maharashtra government is now thinking of a rebate in the premiums on real estate projects by at least half, following recommendations of the Deepak Parekh Committee.
This decision by the government will lessen the expenses on real estate projects which in turn will decrease the prices of the real estate projects for the home buyers.
The rebate in premium and cess will bring tremendous relief to the builders. Premium refers to the various charges that are levied by the state with respect to approvals for initiating, progressing, and completing the area or additional area in a project.