NAREDCO Calls for Incentives, Lower Stamp Duty to Boost Housing in Maharashtra

NAREDCO Calls for Incentives, Lower Stamp Duty to Boost Housing in Maharashtra
A delegation from NAREDCO Maharashtra, Pune, and Vidarbha recently met Maharashtra Revenue Minister Chandrashekhar Bawankule with key proposals to promote the real estate sector.
The 10-member team highlighted the need to stabilize land rates in the ready reckoner for the financial year 2025-26. They also urged the government to incentivize homebuyers purchasing property in certified green buildings.
To stimulate property transactions, NAREDCO suggested temporarily reducing stamp duty to 3% for a year. Currently, stamp duty rates in Maharashtra range between 5% and 7%, depending on the city. Women homebuyers already enjoy a 1% discount on stamp duty.
The delegation also proposed reducing stamp duty on the Registration of Development Management (DM) and Joint Development Agreements (JDA).
NAREDCO stressed the importance of stabilizing land rates and promoting certified green building projects to ensure sustainable growth in the sector. According to the body, rationalizing land rates and providing incentives will enhance housing affordability and encourage eco-friendly construction practices.
Lowering stamp duty, they said, would make property transactions more attractive to buyers and boost the state’s real estate market.
The discussions between NAREDCO and the minister were reported to be positive, with optimism about implementing these measures.
Promoting green buildings, stabilizing land rates, and lowering stamp duty are seen as crucial steps for sustainable growth and increased housing affordability in Maharashtra. The real estate industry hopes these suggestions will be considered in the upcoming financial year.