“Air-Purifying Plants: Keep Indoor Air Clean and Fresh”
March 23, 2023
Exploring the Allure of Worli
April 3, 2023
The Maharashtra government has proposed a slew of measures in its budget for the financial year 2023 aimed at making housing more affordable for women homebuyers in Mumbai and Pune. These include an interest subsidy of 2% on housing loans of up to Rs. 10 lakh for women buyers and a rebate on stamp duty charges for properties worth up to Rs. 50 lakh.
The budget also proposes to set up a dedicated Women’s Housing Fund, with an initial corpus of Rs. 500 crore, to provide financial assistance for women’s construction or purchase of homes. The Maharashtra Housing and Area Development Authority (MHADA) will manage the fund.
In addition, the government has also allocated Rs. 1,000 crore for the Pradhan Mantri Awas Yojana (PMAY) – Gramin scheme, which will provide financial assistance of up to Rs. 2.67 lakh to eligible beneficiaries for the construction or purchase of homes.
These initiatives are expected to make housing more affordable for women homebuyers in Mumbai and Pune, two of India’s most expensive real estate markets.
Overview
In the recent Maharashtra budget, the state government has announced a stamp duty cut for women homebuyers in Mumbai and Pune. This is a welcome move that will provide a boost to the housing market in these cities, and will also benefit women who are looking to purchase their first home.
Under the new scheme, women homebuyers will be eligible for a stamp duty concession of 2% on properties valued up to Rs. 50 lakhs. This will make purchasing a home more affordable for women, and is likely to encourage more women to enter the property market.
The stamp duty cut is just one of several measures announced in the budget that are aimed at boosting the housing sector in Maharashtra. Other measures include an increase in investment limit for housing projects under the Infrastructure Development Fund, and a waiver of development charges for residential projects on vacant land owned by the government or local authority.
With these measures, the state government is sending a clear message that it is committed to supporting the growth of the housing sector in Maharashtra. This is good news for everyone involved in the property market in Mumbai and Pune, and is sure to have a positive impact on the real estate industry in these cities.
The Maharashtra government’s move to slash stamp duty rates for residential properties in Mumbai and Pune is a welcome relief for homebuyers, especially women. The stamp duty cut will have a positive impact on real estate prices in these two cities, making them more affordable for buyers.
The reduction in stamp duty rates was announced in the state budget for 2020-21, presented by finance minister on Friday. Under the new rules, the stamp duty on residential properties worth up to Rs 5 crore has been reduced from 5% to 3%. For properties worth more than Rs 5 crore, the rate has been slashed from 6% to 4%.
This move will make Mumbai and Pune more attractive markets for buyers who were earlier deterred by high property prices. With the stamp duty cut, prices are expected to come down by at least 2-3%, which will boost the real estate market in these cities.
Other benefits
Women homebuyers in Mumbai and Pune will not be the only ones to benefit from the cut in stamp duty. Other areas that will see a boost from this measure include:
-The real estate market in Mumbai and Pune, which has been struggling in recent years
-The construction industry, which will get a much-needed boost from increased demand for housing
-The economy of Maharashtra as a whole, which is expected to receive a Rs. 12,000 crores boost from the stamp duty cut
Real estate provides the most lucrative opportunity for women to prioritize purchasing a property above other asset classes such as equities or gold. When it comes to choosing the best place to live, a home with numerous living rooms, vast open spaces, lots of greenery, a jogging track, and security of parking places, as well as accessibility to basic lifestyle necessities such as schools, malls, hospitals, markets, and your office, is quite essential. An abode in the heart of the city like the 3, 4 & 5 BHK luxurious homes at Vraj Tiara in Worli close to Atria, Reliance Jio Mart (Sahkari Bhandar), and convenience stores located within minutes of its dwellings, is more than a dream house come true! Vraj Tiara offers 3, 4 & 5 BHK sea-facing flats with the security of 24 x 7 surveillance, concierge services, and the luxury of a dedicated 24 x 7 gymnasium on the 24th floor, as well as other amenities such as a sky lounge, jogging track, a café, and BBQ pits, as well as panoramic 270-degree sea views of the Arabian Sea from the terrace and balconies of these homes.
Conclusion
Maharashtra’s Budget 2023 has brought hope to women homebuyers in Mumbai and Pune. The budget will assist women buyers financially, significantly reducing the burden of high real estate prices. It also emphasizes improving infrastructure in the areas and provides incentives for companies looking to invest in these cities. This is an essential step towards making housing more affordable for everyone and improving living conditions for people across all socio-economic backgrounds.
