Maharashtra Budget 2023 Stamp Duty Cut: Devendra Fadnavis, the state’s deputy chief minister, proposed a 1% stamp duty rebate for women.
One day after International Women’s Day was observed, the Maharashtra government took action that is expected to cut the cost of housing for women in the state.
A “stamp duty cut” denotes a decline in the level of stamp duty applied to a specific kind of transaction.
A decrease in stamp duty may be helpful for female buyers in Mumbai, Pune, as well as other cities because it may provide women with a financial incentive to purchase a home.
A stamp duty reduction can make homeownership more affordable for women who may have earlier had trouble affording it by lowering the overall cost of buying a property.
The fiscal budget for 2023–2024 was released on March 9 by Devendra Fadnavis, the deputy chief and finance minister of Maharashtra, with an outlay of Rs 5.47 lakh crore and a focus on housing and infrastructure.
The Budget has recommended keeping the 1% stamp duty exemption for female homebuyers. It has also suggested a fresh housing program called the “Modi Awas Gharkul Yojana,” with the objective of building lakhs of homes for other underprivileged classes (OBC).
“The Budget is focused on the government’s top goals that include agriculture, women’s safety and the safety of the underprivileged sections, employment, and environment-friendly growth,” Fadnavis said when he presented the budget.
Women will still be eligible for a 1% stamp duty discount when purchasing real estate. Fadnavis did, however, mention that the current restriction prohibiting a woman from selling a residential property to a male buyer for a period of 15 years will be loosened.
The Maharashtra state budget’s notable feature is the 1% stamp duty refund for female buyers. The action will support women’s desire for homeownership. The budget closely followed the infrastructural push mentioned in the budget announcement.
The initiative to improve connectivity and infrastructure in Maharashtra will present chances for a variety of real estate development types, including residential, retail, commercial, and warehousing.
According to Nitin Bavisi, CFO at Ajmera Realty And Infra India Ltd., the increased connectivity will spur the development of new real estate micro-markets and lead to the formation of the MMR and Mumbai as new epicenters.
Awas Gharkul Modi Yojana
The “Modi Awas Gharkul Yojana” is a brand-new housing initiative by the Maharashtra government.
The program seeks to build 10 lakh homes for the OBC population at a price of Rs. 12,000 crores over the following three years. Three lakh housing units, costing Rs 3,600 crore, would be built out of these by 2023–2024.
In rural Maharashtra, the state government also plans to build 10 lakh dwelling units.
Under the Pradhan Mantri Awas Yojana, 4 lakh housing units would be constructed this year (PMAY). This would consist of 2.5 lakh residential units, or 60%, for scheduled castes and tribes, and 1.5 lakh housing units for other groups.
Focus on infrastructure
In the upcoming years, the Maharashtra government is sure that a Metro network covering more than 300 kilometers will be built in the MMR.
The budget suggests allocating Rs 1,729 crore for Mumbai’s makeover. A sum of Rs 424 crore has been suggested for the water transportation development that will link Thane with Vasai Creek near Mumbai.
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