Due to COVID-19, a lot of people throughout the country have been laid off from their jobs and some have experienced major salary cuts. It has affected all different sectors and real estate wasn’t any different. As a result of which, the sale of property in the Mumbai Metropolitan Region had dropped in the first quarter of this financial year. It was being debated whether or not it is the right time to buy a property.
People were pushed to stay indoors and having a comfortable home became very important. But they faced an inability to purchase houses because of circumstantial reasons.
We have also witnessed landlords asking their tenants to vacate their property which led to people inclining towards buying one of their own.
Reduction in Stamp Duty
When there is a purchase or transfer of property made, the government charges a tax on the transaction. This tax is stamp duty.
In light of the current situation, the Government of Maharashtra is considering to drastically bring down the Stamp Duty percentage. Realtors have demanded it to come down to 1% from the original 6%. However, it seems likely to see a drop of around 2-3%.
To put it in perspective, if you are buying an apartment costing around Rs. 90 lakhs; then the stamp duty applicable on it is a whopping Rs. 5,40,000 at the current rate of 6%. That is a considerably huge sum of money that goes in, especially in today’s context.
This reduction in taxes is a green signal to invest in property. It will make it significantly feasible to buy or invest in real estate. The builders have demanded to have the stamp duty reduced for the next six months to enhance sales. Buyers too will save quite a bit in this period.
Before buying a property, calculate the accumulative cost of buying – from legal fees, stamp duty, GST, interiors, and more. Stamp duty consists of a big chunk of that amount. With these considerations being made, that amount will work out to be significantly lower.
At Group Integrated, we welcome you to come and have a look at our projects. We strive to enhance the lives of middle-income people with low maintenance costs and much more.
Some of our other expertise include Zero Wastage Planning to ensure that none of the available spaces go waste, Green Spirit to provide plenty of ventilation and light so that electricity costs can be cut down, and Intelligent Sizing and Pricing to ensure that units are built in a variety of shapes and sizes to meet the budget constraints of different buyers.
This is the best time to buy a property!
The reduction in stamp duty will make it much more economically viable for those looking at buying into the real estate. It is advisable to take advantage of the current circumstances and invest in property, especially in a metro city like Mumbai.
Interested? Integrated Kamal is our ready to move in residential project at Mulund west, located very close to the Mulund station and at a walkable distance to the Nahur station. It is RERA registered, Vastu compliant, and has proper ventilation. Much more, than one can expect.
Balasaheb Thorat, state revenue minister, mentioned that a decision will likely be taken by the end of August.
As the end of this month approaches, it is a good time to start looking for your dream home at ‘Group Integrated’.
Going forward, we know that public transport is still going to take some time to be safe to travel with. For working professionals, we urge you to look for an apartment near your workplace. Group Integrated has projects in various locations throughout Mumbai. Like, Mulund, Ghatkopar, Ulwe choose the home closest to your workplace.
We are also taking care of complying with safety precautions amongst this pandemic for whoever wants to visit us on site.
At Integrated Kamal, Mulund, flexible payment options, and home loans are also provided. You are assured to live a great lifestyle, no matter what.
Apart from that, it is:
- 5 mins drive from Eastern Express Highway
- 5 mins drive from Airoli Bridge
- 10 mins drive from Thane Check Naka
- 15 mins drive from Powai
Mulund West is an extremely favored location in the Central suburbs. Since the last couple of decades, Mulund has been only been evolving and emerging. It has an excellent infrastructure and great connectivity, be it central or western. It has numerous hospitals, multiplexes, shopping malls, retail stores, and schools and colleges making it a perfect concoction for a residential area.
With the changes being made with the stamp duty, it is highly probable for customers to start purchasing properties quickly. One is likely to see a boost in property investment. It is especially a good time to buy flats for self-use.
Don’t miss a golden opportunity like this. Buy a Property and know more.
Visit us to book your “Ready to move in Mulund west.” today!
We also have information about our projects online so that you can browse comfortably and safely.
For more details call us on +91-022-25018899 or visit us on www.groupintegrated.com