The Eknath Shinde government in Maharashtra has made a daring move that is likely to help the stalled rehabilitation projects. This move will change the game for the state’s real estate industry.
There will be a single window clearance for the Self Redevelopment project, which will be authorized in three months. Furthermore, bank loans will cost less.
According to Ramesh Prabhu, chairman of Maharashtra Societies Welfare Association (MahaSeWA), “the action will assist about 4,500 rebuilding projects in Maharashtra. The much-needed announcement by the chief minister and deputy chief minister would have a significant positive impact because it will facilitate single window clearance, a 4% interest subsidy on funding, the establishment of a nodal person, and a grievance cell, among other advantages. Additionally, the stamp duty fee for each apartment will be merely Rs 100.
Additionally, obtaining bank loans for project redevelopment will be simpler for buyers. Banks in the district will be permitted to lend 5% for self-redevelopment projects. Within a month, registrations will also be completed.
Why Does it Change the Game?
Previously, developers would present us with a proposal after accounting for their earnings; however, housing societies now have another option that allows them to receive financing, early approval, and access to a grievance cell.
Advantages of the Change
1) Funding with a 4% interest subsidy
2) Window clearance
3)Nodal Officer’s Appointment
4)Grievance Cell
5) A flat-based stamp duty of Rs 100
6) Reduced taxes on premiums and land that is still being built
The Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to start grading state-wide real estate developments according to a set of criteria in an effort to make it easier for buyers to select the appropriate property.
MahaRERA’s goal is to grade project promoters after rating projects.
