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Builders will pay your stamp duty, part of EMI |
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By: Varun Singh |
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Date:
2008-09-27 |
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Place: Mumbai |
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DEAR ESTATE: Market experts see these incentives as a fall-out of the downfall in the real estate market. REPRESENTATIONAL PIC | There's good news for all those who plan to buy a new house. After a lull in the real estate market, builders have planned to bear the cost of stamp duty on new flats up for sale. Some builders even plan to pay part of the Equated Monthly Installment (EMI) on housing loans.
The decision was taken at a meeting of the Maharashtra Chambers of Housing and Industry (MCHI) last week.
Considering that the stamp duty is around Rs 350 per sq ft in Bandra and Rs 750 per sq ft in South Mumbai, prospective buyers can save anything between Rs 1-7 lakh on the purchase of flats.
The builders also plan to reimburse EMI at four per cent on the housing loan for a period of two years. Sunil Mantri, vice president, MCHI, said, "All the builders have unanimously planned to give these benefits to our buyers. They will be officially announced at the MCHI exhibition in October."
Market experts, however, see these incentives as a fall-out of the downfall in the real estate market.
Vinod Sampat, president, stamp duty and registration association, said, "Builders are just finding different ways to sell their flats. Such offers are a result of the recession in the market." Mantri shared Sampat's views and said, "We are forced to take such steps to revive the market."
Some weeks ago, Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, had submitted a report on the lull in the real estate market. "The buyers' approach of wait and watch is responsible for the slowdown in the market, as they are expecting a blanket correction in the real estate market," it read. |
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