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Home buyers get tax relief at Mumbai real estate expo

Mumbai, the financial capital of India, is known for its sky-high property prices and hefty taxes. But for those looking to buy a home in the city, there is a rare opportunity to save big at a real estate expo that is currently underway.

The expo, organized by the Maharashtra Chamber of Housing Industry (MCHI-CREDAI), features over 100 developers offering flats with zero stamp duty and registration charges, which can amount to 6% of the property value⁶. This means that a buyer can save up to Rs 12 lakh on a flat worth Rs 2 crore.

The expo, which started on January 23 and will end on January 27, is being held at the MMRDA Grounds in Bandra-Kurla Complex. It is open from 11 am to 8 pm and entry is free. The expo also offers free legal and financial advice to prospective buyers.

The developers claim that the expo is a win-win situation for buyers and sellers, as it helps them clear their unsold inventory and boost their cash flow. The buyers, on the other hand, can benefit from the reduced cost and the availability of ready-to-move-in flats.

The expo comes when the real estate sector in Mumbai is facing a slowdown due to the economic slowdown, the liquidity crunch, and regulatory changes. According to Knight Frank’s report, Mumbai’s sales volume declined by 7% in 2023 compared to 2022, while the unsold inventory increased by 14%.

The expo is expected to attract over 50,000 visitors and generate sales worth Rs 2,500 crore, according to MCHI-CREDAI. It is also supported by the state government, which has recently announced a cut in the premium charges for developers by 50%.

The expo is a golden chance for home buyers to own their dream home in Mumbai at an affordable price. But they should also be careful and do their due diligence before signing any deal, as there may be hidden clauses and conditions. 

Disclaimer: The information provided by A2 Digital is for general informational purposes only.

Source: Hindustan Business line

 

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