Builders urge Maha officials to defer metro cess levy by 2 years

15 Mar 2022 CW Team

Real estate property builders have urged the Maharashtra officials to defer their plan to levy an extra 1% metro cess on property deals within the state by at least two years.

Developers’ body Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI) has written to deputy chief minister Ajit Pawar and income minister Balasaheb Thorat probing for a two-year postponement within the imposition of the cess, which is meant to support metro rail networks and different transportation infrastructure initiatives within the state.

The state authorities plan to levy the 1% metro cess on property deals from April 1.

Its metro cess’ postponement by at least two years could prove to be a significant relief for the sector, particularly in an environment where they are facing increasing cost pressures due to the price of raw materials, and the effects of the geopolitical scenario, Boman Irani, president of CREDAI-MCHI told the media.

Developers consider that a new cess will solely disrupt the continuing restoration of the sector.

They request the state government to review the proposal for an upsurge in the 1% metro cess, Sandeep Runwal – president of National Real Estate Development Council (NAREDCO) Maharashtra, told the media. The burden might be shifted to the homebuyers, leading to a flunk in the sales of the properties and will have a direct impact on the momentum that has been conducted for the past few months.

Following the planned imposition of the metro cess, stamp responsibility on property registration in Pune and Mumbai, which are the nation’s costliest and biggest actual property markets, will be enhanced by one share level. In Mumbai, the stamp responsibility will increase to 6% of the asset’s worth whereas it might increase to 7% in Pune, Nagpur, and Thane.

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Also read: Mumbai's property registrations witnesses robust momentum in Feb

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Real estate property builders have urged the Maharashtra officials to defer their plan to levy an extra 1% metro cess on property deals within the state by at least two years. Developers’ body Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI) has written to deputy chief minister Ajit Pawar and income minister Balasaheb Thorat probing for a two-year postponement within the imposition of the cess, which is meant to support metro rail networks and different transportation infrastructure initiatives within the state. The state authorities plan to levy the 1% metro cess on property deals from April 1. Its metro cess’ postponement by at least two years could prove to be a significant relief for the sector, particularly in an environment where they are facing increasing cost pressures due to the price of raw materials, and the effects of the geopolitical scenario, Boman Irani, president of CREDAI-MCHI told the media. Developers consider that a new cess will solely disrupt the continuing restoration of the sector. They request the state government to review the proposal for an upsurge in the 1% metro cess, Sandeep Runwal – president of National Real Estate Development Council (NAREDCO) Maharashtra, told the media. The burden might be shifted to the homebuyers, leading to a flunk in the sales of the properties and will have a direct impact on the momentum that has been conducted for the past few months. Following the planned imposition of the metro cess, stamp responsibility on property registration in Pune and Mumbai, which are the nation’s costliest and biggest actual property markets, will be enhanced by one share level. In Mumbai, the stamp responsibility will increase to 6% of the asset’s worth whereas it might increase to 7% in Pune, Nagpur, and Thane. Image Source Also read: Mumbai's property registrations witnesses robust momentum in Feb

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Builders urge Maha officials to defer metro cess levy by 2 years

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Builders urge Maha officials to defer metro cess levy by 2 years

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Anji Khad Bridge, India's First Cable-Stayed Rail Bridge Ready in J&K

Exporters Raise Logistics Costs Concerns with Piyush Goyal

Government to Revamp UDAN Scheme with Focus on Airport Readiness

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Live Results :

Virtual Reality and 3D Property Tours

Smart Home and Building Automation

Blockchain for Property Transactions

Big Data and Predictive Analytics for Market Insights

Augmented Reality for Property Staging and Design

Drone Technology for Aerial Photography and Site Analysis

Latest updates

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