Maharashtra okays 50% cut in premiums for builders
sandhya@khaleejtimes.com
Filed on January 7, 2021
The reduction in premiums, coupled with the revision in stamp duty will make real estate development in Maharashtra lucrative.
— Reuters
Residential sales grew 80 per cent in Q4 2020 over same period last year.
The Maharashtra government’s bold decision to reduce premiums by 50 per cent under the new Development Control and Promotion Regulation (DCPR) rule 2034 across the board for on-going and new property projects upto December 31, 2021 has been hailed across the industry.
Dr Niranjan Hiranandani, President Naredco, said: “This move will go a long way in expediting the project completion and the industry will witness new launches in the market. The industry applauds this booster dose making many projects viable and we shall adhere to the rules laid down in lieu of availing these benefits. Also, the reduction in premiums for new launches will help the development at the lesser input cost and over a period of time there is possibility of lower price for new inventories that shall come into the market.