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Maharashtra cuts real estate premiums by 50%. Buying homes to become cheaper The reduction in premiums would help the Mumbai market, said analyst (MINT_PRINT) The reduction of premiums will be applicable till 31 December, 2021 The Maharashtra government earlier slashed the stamp duty charges to boost real estate sector hit by coronavirus pandemic Share Via Read Full Story To boost real estate sector hit by the coronavirus pandemic, Maharashtra government on Wednesday decided to reduce all premiums related to the sector by 50%. It will be applicable till 31 December, 2021. All projects which ...

Synopsis The premium will be calculated based on ready reckoner rates of 2019 or 2020, whichever is higher. The move is expected to support the property sector by reviving stalled projects, avoid delays and rein in speculative price rise. Getty Images The decision is expected to impact big cities in the state including Mumbai as on an average, one-third of a project’s cost goes towards over 22 premiums collected in the country’s most expensive realty market. MUMBAI: The government of Maharashtra has approved the proposal to reduce premiums charged by the civic authorities on real estate d...

Mumbai, Pune drive residential property sales in December quarter, cushion lockdown impact on sector SECTIONS Share Synopsis Registration of residential sales in the financial capital rose 53% from a year earlier to 9,827 deals in the first 18 days of December, surpassing the number for the entire November, which also logged the highest in eight years. The performance in December has already broken all the monthly records in just the first half, with deals set to close at records. MUMBAI: A pronounced revival in sales through the December quarter, particularly in Maharashtra’s two biggest c...

Record residential sales momentum in Q4 helps cushion dip in 2020 performance SECTIONS Share Synopsis Although residential real estate bottomed out in 2020 against the previous peak of 2014, the October-December quarter has provided strong revival signs with home affordability being at its all-time best. AFP Due to increased new launches across cities, unsold inventory declined by 2% on a yearly basis to 6.38 lakh units during the fourth quarter. MUMBAI: While the ongoing Covid19 pandemic has delivered a hard blow to the residential real estate, last quarter of the chaotic year has helped in...

Explained: What does reduction in premium mean? Will it benefit Maharashtra’s real estate developers and homebuyers? Reduced premiums can make projects viable for developers and help avoid project delays due to funding issues; lower development costs to realtors would mean lower purchase cost to homebuyers, which in turn can help boost demand. Premium typically refers to the charges that are levied by the state with respect to approvals for initiating, progressing, and completing the area or additional area in a project. After reducing stamp duties in the state from 5 percent to 2 percent u...