Reduction in Stamp Duty will Give Impetus to Real Estate: PMC

March 31, 2020: According to the Pune Municipal Corporation (PMC) officials the 1% reduction in stamp duty for property registration offered by the state government should give impetus to the real estate sector with buyers looking to avail of the benefit.

the sector has been reeling under s lot of stress lately and this welcome step should help towards recovery. The stamp duty concession will be offered for all sale and transfer of properties in PMC and Pimpri Chinchwad Municipal Corporation (PCMC) areas. The discount announced in the state budget will be applicable from April 1, 2020 and will be valid for the next two years.

As per PMC officials, in the municipal limits, approximately 4,500 building permissions are given on an average every year. “This is a welcome step for the construction industry in the city. Currently, there is a lull in the property market. The concession will help change things for the better. It will encourage people to buy properties,” city engineer Prashant Waghmare told TOI.

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The PMC data indicates that the revenue generated from building permissions over the last fiscal was INR 650 crore. This year, the PMC has collected INR 750 crore from permission, premium fees and development charges.

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