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Monday, January 18, 2021

Construction premiums halved in Maharashtra

In a step that will significantly bring down construction costs, the Cabinet announced lowering of construction premiums by 50 per cent across Maharashtra till December 31.

Written by Sandeep A Ashar | Mumbai | January 7, 2021 5:48:09 am
To spur growth & jobs, booster for construction and low-cost housingRevival of construction development sector is also seen as crucial for employment creation.(Representational)

Betting big on real estate for the revival of the economy, the Maharashtra government on Wednesday announced a special fiscal stimulus package for all construction projects in 2021.

In a step that will significantly bring down construction costs, the Cabinet announced lowering of construction premiums by 50 per cent across Maharashtra till December 31. According to the decision that will come into effect immediately, all new projects sanctioned before the December 31 cut-off can avail the benefit for all premiums and levies paid during the year. The government has also extended the benefit to ongoing projects, which can avail the concession for premiums paid till between now and December 31.

In the backdrop of allegations raised by Devendra Fadnavis, former CM and current Leader of Opposition in the Assembly, the government has, however, ruled that the ready reckoner values of 2020 or 2019, whichever is higher, will be considered for premium calculation for the scheme.

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