Key changes to strengthen the real estate sector are on the way, believe Maharashtra Ministers

“The revenue ministry has emphasised e-registration of properties. The selling and acquisition of housing developments will be possible thanks to the digital registration procedure,” Thorat added.

Key changes to strengthen the real estate sector are on the way, believe Maharashtra Ministers

The Maharashtra government plans to implement important reforms to strengthen the real estate industry, starting with online property registration on October 1 and raising Rs 25,000 crore to rehabilitate decrepit housing complexes and restructure dwellings in flood-affected regions.

These were revealed on Tuesday at the Real Estate Conclave 2021 of Loksatta – the Marathi newspaper of the Express Group – in Mumbai by Revenue Minister Balasaheb Thorat, Housing Minister Jitendra Awhad, and Urban Development Minister Eknath Shinde.

The revenue ministry has emphasised e-registration of properties,” Thorat added. “The selling and acquisition of housing developments will be possible thanks to the digital registration procedure. Online registration is available for all MAHA RERA housing developments. The buyer and seller will no longer need to go to a registration office to finish the transaction.”

From October 1, the online registration process will be available throughout the state, he noted.

With the real estate industry suffering as a result of the lockout, there was a desire from developers to offer some incentive. As a result, the government made stamp duty registration concessions to benefit both developers and property buyers,” added the Congress leader. “Between September 2020 and March 2021, stamp duty registration reductions boosted the number of property sales.”

The developers are looking for additional tax breaks...I would strongly advise them to raise the issue with Chief Minister Uddhav Thackeray and Deputy Chief Minister Ajit Pawar,” Thorat remarked.

The most difficult aspect of launching new home developments in Mumbai, according to Awhad, is securing land. As a result, he noted, the housing department is concentrating on redeveloping outdated and decrepit properties.

Previously, each city and district had its own set of urban planning guidelines. To simplify and create greater consistency, we are emphasising integrated urban development today. Planned urban development is our top priority since it provides people with improved infrastructure and civic amenities,” said Eknath Shinde, Minister of Urban Development.

Source: The Indian Express