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Key reforms to boost real estate sector in Maharashtra on the cards, say ministers

Thorat said, “The revenue ministry has emphasised on e-registration of properties. The digital registration process will enable sale and purchase of housing projects.

By: Express News Service | Mumbai |
Updated: August 18, 2021 8:35:29 am
mumbai real estate sectorAt the Loksatta Real Estate Conclave at ITC Grand Central in Mumbai on Tuesday. Express Phoo by Amit Chakravarty)

The Maharashtra government is set to usher in key reforms to boost the real estate sector, leading with online registration of properties from October 1, mobilising funds worth Rs 25,000 crore to undertake redevelopment of old dilapidated housing structures and restructuring houses in flood-affected districts.

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

Thorat said, “The revenue ministry has emphasised on e-registration of properties. The digital registration process will enable sale and purchase of housing projects. All housing projects listed under MAHARERA can be registered online. The buyer and seller will no longer have to visit registration offices to complete the process.”

The online registration process will become operational across the state from October 1, he added.

“Considering the hardship faced by the real estate sector due to the lockdown, there was a demand from developers to provide some incentive. Accordingly, the government gave concession in stamp duty registration to help both developers and people buying properties,” said the Congress leader. “The concessions in stamp duty registration increased the number of house sales between September 2020 and March 2021.”

“The developers are seeking some more tax incentives…I would urge them to take up the matter with Chief Minister Uddhav Thackeray and Deputy Chief Minister Ajit Pawar,” said Thorat.

Awhad said that acquiring land in Mumbai was the biggest challenge in taking up new housing projects. As a result, the housing department is focussing on redevelopment of old and dilapidated structures, he added.

“Earlier, every city and district had a separate norm for urban planning. Today, we are stressing on integrated urban development to streamline and bring greater uniformity. Planned urban development is our priority, as it promises better infrastructure and civic amenities to the people,” Urban Development Minister Eknath Shinde said.

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