NAREDCO Pushes for Stamp Duty Cut and Green Building Incentives in Maharashtra

The National Association of Real Estate Developers Organisation (NAREDCO) has asked the Maharashtra government to lower stamp duty to 3% for a year to encourage more property transactions. At present, the stamp duty in Maharashtra varies from 5% to 7%, depending on the city, with a 1% discount for women homebuyers.
A delegation of 10 members from NAREDCO Maharashtra, NAREDCO Pune, and NAREDCO Vidarbha recently met with the state’s Revenue Minister, Chandrashekhar Bawankule, to present their proposals. They emphasized the need to keep land rates stable in the Ready Reckoner for the 2025-26 financial year. They also recommended offering special incentives to homebuyers purchasing properties in certified green buildings.
Hitesh Thakkar, Vice-President of NAREDCO West, explained, "Fair and stable land rates, along with lower stamp duty, will help the real estate sector grow. Reducing stamp duty will also make homes more affordable and encourage more people to buy property."
The delegation also proposed lowering stamp duty on the registration of Development Management (DM) and Joint Development Agreements (JDA). These changes would reduce costs for both developers and buyers, making real estate transactions smoother and more attractive.
Chintan Vasani, Member of NAREDCO NextGen, said, “The meeting with the minister was very positive. Stabilizing land rates and supporting green building projects are important for sustainable growth. We hope the government takes action soon.”
NAREDCO’s proposals aim to make property transactions easier, more affordable, and environmentally friendly. These changes could help stimulate growth in Maharashtra’s real estate market, benefiting both developers and homebuyers. For those looking for rental properties, websites like EazeMyRent offer convenient solutions to meet housing needs.