Slashed Levies Will Boost Demand And Timely Execution of Projects

Property prices in Maharashtra are seeking continuous low due to the inducement of series of policies and reforms by the Central and State Government. Recently, the Maharashtra government approved a 50 percent concession on all the premiums levied on construction projects by the government till December 31, 2021. The concession on premiums have also been levied by local administration and planning authorities in the state and is the first of its kind step taken by the state government. The move has suggested boosting the stock prices of realty developers and lowering the prices for home buyers. The slashing of levies marked a positive turn in the real estate market and various celebrities and homebuyers are tuning in to invest in realty.

The real estate market which was slowed down considering various reasons has now been reenergized and the demand for realty has seen considerable growth.  According to Gaurav Shah, Director of Ravi Group, “the house sales witnessed a massive jump of 80 percent in Mumbai last year between October to December due to policy reforms. Similarly, with the 50 percent premium cut in Maharashtra, projects will be much more economical which will induce more demand for real estate in the market”.


The concession will boost the morale of home buyers and they will be shifted towards owning the house rather than renting one for themselves. Moreover, the premium cut will reduce the extended timeline provisions and will result in projects being completed and delivered on time. The decision will help the market in recovering from prolonged slump which was the result of multiple factors starting from unfavorable government policies to COVID-19 crisis. As the real estate sector is one of the prominent sectors contributing to the economy and providing employment to the most of the people in the country, this move will induce more jobs in the real estate sector which will ultimately contribute more efficiently to the economy.

New inventories in the market are expected as the industry applauds this booster dose making projects feasible. According to the Managing Director of Ravi Group, Mr. Ketan Shah, “the move will uplift the industry sentiments as it is a profitable deal for both home seekers and realty developers. 

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