CREDAI Maharashtra urges CM to increase stamp duty concession till 2022
Pune : CREDAI Maharashtra has appealed to Chief Minister of Maharashtra Uddhav Thackrey to extend the concession on stamp duty levied on the construction sector for the period of 2021-22.
The demand was made by the newly elected president of CREDAI Maharashtra Sunil Furde through a letter. He also urged him to allow operating the services related to the construction sector at 50% capacity in compliance with the Corona Prevention Rules.
The letter mentioned that, after agriculture, the construction sector is the largest employer in the country and at least 250 businesses are associated with this sector. In order to revive the construction sector which was hard-hit during the Corona epidemic, CREDAI Maharashtra had suggested some measures to the government, primarily being to reduce the stamp duty on new home purchases. As the government also agreed to these measures, home-buyers showed momentum in purchasing new houses. Though the realtors appreciated the decision however this exemption expired on March 31, 2021.
The government has not taken any decision to re-apply it. The second wave of corona seems more serious than the first. The migration of laborers and increased construction costs are adding more stress on this sector. The home buyers in the IT and industry sectors seem less enthusiastic and this mood is reflecting on the real estate sector. With this in mind, the government needs to stand firmly behind the construction sector by reducing and extending the concession on stamp duty till the year 2022. This will surely bring back buying sentiments amongst home buyers which may lead to an increase in home sales and registration. It will directly have a positive impact on the state exchequer; the letter mentioned.
Furde also demanded that a number of other businesses allied to the construction sector like offices of architects and structural engineers, like chartered accountants should also be allowed to operate at 50% capacity in compliance with all the rules of corona restriction. The letter also said that shops supplying cement, steel and hardware should be allowed at least 4 to 5 hours.
The letter also mentions that if the construction workers are not provided with work, the possibility of repatriation cannot be ruled out and the concerned department should be informed accordingly.
