In chat with Anil Singhvi, Minister Balasaheb Thorat reveals how stamp duty cut will boost Maharashtra

In the wake of Maharashtra Government reducing the stamp duty yesterday for home buyers booking flats by December 2020, Zee Business Managing Editor Anil Singhvi talked to Balasaheb Thorat, Revenue Minister of Maharashtra. The minister revealed that the stamp duty reduction will boost the state economy rather than causing revenue loss.

When Anil Singhvi asked Minister Thorat about revenue loss after the reduction in stamp duty, the minister replied, "Decrease in revenue collection is short-term loss that the state government has taken for long-term gains. Our main objective behind this decision is to boost the real estate sector through this small relief. Once sales go up, further activities in the sector will be kick-started that will generate new job opportunities."

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On what other benefits that Maharashtra Government is mulling to provide relief to both real estate sector and the home buyers, Balasaheb Thorat told Anil Singhvi, "There has been huge demand from the real estate players to decrease the tax burden on them and other ministries of the Maharashtra Government is taking it seriously. There is serious consideration being given to reviewing the circle rate being applied too."

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Thorat said that any reduction in circle rate of land will give relief to the real estate developers as their land cost will depreciate while it would reflect in the stamp duty reduction of the home buyers as the decreased rate will lead to lower stamp duty to be paid during registration.