The Pune Municipal Corporation (PMC) officials feel that the 1% reduction in stamp duty for property registration offered by the state government will boost the real estate market with buyers coming forward to avail of the benefit.
The stamp duty concession will be offered for all sale and transfer of properties in PMC and Pimpri Chinchwad Municipal Corporation (PCMC) areas. The discount announced in the state budget will be given for the next two years and come into force from April 1, 2020.
According to PMC officials, around 4,500 building permissions are given on an average in the municipal limits every year. “This is a welcome step for the construction industry in the city. Currently, there is a lull in the property market. The concession will help change things for the better. It will encourage people to buy properties,” city engineer Prashant Waghmare told TOI.
According to the PMC data, the revenue generated from building permissions in the last fiscal was Rs650 crore. This year, the PMC has collected Rs750crore from permission, premium fees and development charges.