Sandeep Runwal, President, NAREDCO Maharashtra and Managing Director,
Runwal Group, welcomes the announcement by adding, “It will encourage people to
come forward and pay the pending dues, which in turn will help increase the tax
collection. Similarly, the proposal to waiver the Stamp Duty of 0.1 per cent on
gold and silver imported in Maharashtra is a welcome move too, since it will
have a direct and indirect impact on the real estate sector.”
The real estate sector has been ailing for a long time and the state
government has been taking several proactive measures to boost it. For
instance, Maharashtra was one of the first states to announce the reduction in
stamp duty during the COVID-19 period, which led to a phenomenal increase in
sales of unsold inventory in the state of Maharashtra.
Pritam Chivukula, Treasurer, CREDAI MCHI and Co-Founder and Director,
Tridhaatu Realty, further states that the “real estate has – direct and
indirect – 125 allied industries depending on it, like steel and cement among
others. By coming out with these measures, the Government of Maharashtra is
indirectly helping them as well. Real estate is one of the second largest
employment generators in the country and contributes around 7 per cent to the
GDP. Therefore, the announcements made by the state government this year are
most welcome. In fact, it is the need of the hour.”