The govt of Maharashtra today slashed premiums and levies on construction by 50 pc till December 31, 2021, boosting the real estate sector across the state.

Impacting the corona pandemic, notably, the real estate sector has been badly affected. Hence, in a bid to boost the sector, the government has approved a reduction in premiums by 50 percent under the new Development Control and Promotion Regulations (DCPR) rule 2034 across the board for on-going and new projects up to December 31, 2021.

Premiums are usually multiple charges that are levied by the state government for approving initiating, progressing, and completing the area or additional area in a real estate project. The premium reduction and stamp duty charges will be borne by the developers that will reduce the cost for homebuyers. Industry experts and realtors have lauded the government’s efforts to give a push to the sector and are expecting an increase in new projects and sales in the coming months.

Reacting to the above development, in today's stock markets, shares in the Realty sector sparkled. BSE's Realty Index was up 3.5 percent to 2,607.41, one of the biggest gainers among sectoral indices. Shares in Indiabulls Real Estate, Sobha Ltd,  Sunteck Realty, Oberoi Realty and Godrej Properties rose between 5 percent and 7 percent on BSE in intraday trade.

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