Wednesday, July 17, 2024
HomeNewsReal Estate50% rebate on stamp duty for integrated township projects

50% rebate on stamp duty for integrated township projects

A government resolution (GR) was issued on June 20 announcing the concession for such projects across the entire state except Mumbai city, Lonavla hill station, and eco-sensitive areas.

The state government has announced a one-time 50% concession on stamp duty for developers of integrated township projects.

The concession can be availed of during purchase of land or sale of units, but not for both, said a revenue department official. A government resolution (GR) was issued on June 20 announcing the concession for such projects across the entire state except Mumbai city, Lonavla hill station, and eco-sensitive areas.

The concession will be given to projects cleared by the authority with retrospective effect from 2018, stated the GR.

An integrated township is a ‘city within a city’ that includes a combined cluster of housing facilities, commercial business, education, and healthcare facilities, with corresponding infrastructure facilities such as water supply, sewage disposal facilities, roads, and power supply.

Currently, the state government has given approval to 30 integrated townships, some of which are in various stages of construction of which eight are in the Pune region.

The initiative would encourage more such proposals and those who have not availed of concession can do so for their next project, said a revenue official. “The GR clearly mentions that the developer of a project, which has been cleared by the collector or the competent authority, can avail of the concession only once. The remission or reduction in stamp duty under this order is applicable either for the project proponent for purchase of land from the landowner or transaction of agreement to sell or conveyance of any unit under any user in the notified integrated township project,” said the official.

The PMRDA has received proposals for 13 integrated townships. Several such proposals have come from Thane, Raigad, and Konkan.

Developers who have executed the integrated townships in Pune said that the rebate was part of the policy and it was necessary for a GR to be issued in this regard.

Satish Magar, former national Credai president, who has constructed two townships — Magarpatta and Nanded City — said the rebate is part of the integrated township policy. “It is good that the government has issued a notification as it will help other builders in starting such projects,” he said. Aniruddha Deshpande, MD, City Corporation Ltd, and promoter of Amanora Township said, “The GR specifies who can seek rebate and what permissions they ought to have, bringing more clarity.”

“A planned city instead of a haphazard one is a welcome move. We need to encourage promoters to announce such projects provided they also ensure that citizens get all the facilities,” said a retired government town planner.

RELATED ARTICLES

Most Popular

Hot News