Mumbai - Construction business has been shaken by the Corona crisis, which has hit most Mumbai Metropolitan Area (MMR) professionals. Credits - The MCHI government has demanded a one-cent stamp duty on the sale of properties in MMR area for the next four months to boost the purchase of stranded homes.
Representatives of these organizations recently interacted with the state Revenue Minister Balasaheb Thorat through a webinar. Online registration of shopping transactions should be given priority in order to comply with social distance. He also said that the developers will come together and develop the land if one per cent for the next one year on stamp duty on development contracts, joint ventures, joint development etc. The stamp duty for consolidation, merger, demurrage, or reconstruction of companies, NCLT order or court consent terms should be Rs. Therefore, the balance sheet of the companies will be strengthened and these projects can start, he added. There has been unprecedented upside in this business. MCHI president Nayan Shah said that the Maharashtra government needs to intervene to sustain the region. There are many industries dependent on this area. It's time for millions of workers to lose their jobs. He also demanded that the government give special package to prevent that crisis.
The government's financial woes
While announcing the state budget, one percent concession has been given to stamp duty collection in major cities. Due to this, the state government is about to lose about Rs. Due to the Corona crisis, the state government has lost about Rs 3,000 crore in revenue. The demand has also raised the question of whether the government will be able to reduce the stamp duty of five per cent in the MMR sector by one per cent, in the future, when the government is facing major crisis on the safe.
Representatives of these organizations recently interacted with the state Revenue Minister Balasaheb Thorat through a webinar. Online registration of shopping transactions should be given priority in order to comply with social distance. He also said that the developers will come together and develop the land if one per cent for the next one year on stamp duty on development contracts, joint ventures, joint development etc. The stamp duty for consolidation, merger, demurrage, or reconstruction of companies, NCLT order or court consent terms should be Rs. Therefore, the balance sheet of the companies will be strengthened and these projects can start, he added. There has been unprecedented upside in this business. MCHI president Nayan Shah said that the Maharashtra government needs to intervene to sustain the region. There are many industries dependent on this area. It's time for millions of workers to lose their jobs. He also demanded that the government give special package to prevent that crisis.
The government's financial woes
While announcing the state budget, one percent concession has been given to stamp duty collection in major cities. Due to this, the state government is about to lose about Rs. Due to the Corona crisis, the state government has lost about Rs 3,000 crore in revenue. The demand has also raised the question of whether the government will be able to reduce the stamp duty of five per cent in the MMR sector by one per cent, in the future, when the government is facing major crisis on the safe.
