Home buyers in the state of Maharashtra can finally rest easy and go ahead with purchase of new property right away. The state government, in view of the distressing effect of the COVI-19 pandemic, has decided to slash stamp duty for the coming months. The difference in the stamp duty charges in normal times and what it is at the moment is considerable; while the normal stamp duty charged is 5% in major cities of Maharashtra, currently, from September 2020 to December 2020 it is 2%, and will be 3% from January 2021 to March 2021. The difference is vast, especially in the current slab, which will translate into big savings for home buyers. This move will also bring much cheer to property dealers as have also been in the midst of tough times for quite a while.

Concrete Planning and Implementation that’s Helped 

The real estate sector seemed to have hit a challenging patch much before the pandemic struck. The economy of the nation and the GDP had never been as low in recent years as they have been over the past couples of years. This situation aggravated with the onset of the COVID-19 outbreak. The consequences of these eventualities have affected all the activities that normally occur, such as buying property. The state government took a decision to extend a helping hand to prospective home buyers across the state. Cutting down stamp duty charges, which turn out to be an exorbitant expenditure for home buyers, seemed an ideal solution to the crisis. The government therefore acted swiftly and devised a plan for implementation of new stamp duty charges. Although the revised charges are temporary, home buyers as well as real estate developers are set to benefit immensely. 

Additional Measures Wooing Home buyers in Maharashtra

For most home buyers, purchasing a home is a major investment decision. When extraordinary situations arise, those in charge such as government authorities have to turn proactive to handle the crisis. Further, experts like Parkons Group, Pune’s reputed real estate developers, are doing their bit by coming forward and offering attractive terms and deals to home buyers in their projects. Additional sops favourable to home buyers such as easy financing have also been brought into effect. Schemes like lower home loan interest rates, attractive EMIs, lower lending rates and festive offers are expected to boost sales in real estate like every year. 

Abundant Savings and Benefits ahead

Banks and residential project sellers often introduce new schemes and offers that induce home buyers to make purchases. For instance, a project developer has a tie-up with a bank that offers attractive financing and convenient payment options to buyers in that project. Major festivals like Dussehra, which is considered auspicious to make grand purchases and Diwali, the biggest festival celebrated with great devotion, are no less than shopping festivals for people in India. Buying property on these occasions is a symbol for making new beginnings for home buyers. Festivals bring in special moments and prosperity to real estate developers as well. 

Experts are of the opinion that home buyers genuinely looking for a home should act fast and book homes now. Right now, the stamp duty charges are the lowest which is something that home buyers must not miss out on. Buying a home may not be so lucrative in the near future after the stamp duty offer ends. If you really need to buy a home right now, it’s time to act as soon as you can, right away.