CREDAI-MCHI commends the Maharashtra Government's decision to uphold the ready reckoner rate and stamp duty charges

Mumbai, 1st March, 2024....Views of Domnic Romell, President of CREDAI-MCHI, the apex body of real estate sector of Mumbai Metropolitan Region (MMR) on the unchanged ready  reckoner rates and stamp duty charges, “As the Maharashtra government maintains the Ready Reckoner rate and stamp duty on property registrations, it's a significant relief for property buyers, home seekers, and the real estate sector at large. This decision promotes stability and encourages investment, fostering a conducive environment for growth. We, believe strongly that this move is also prompted by the robust contribution of real estate sector into the state economy. We commend the government's foresight in supporting the property market's resilience and look forward to continued collaboration for a thriving real estate landscape."

Domnic Romell further elaborated, “For home buyers, stability in these rates means greater predictability in property prices, allowing them to plan their investments with more confidence. With consistent rates, buyers can avoid sudden spikes in costs, making homeownership more attainable and reducing financial uncertainty. Additionally, stable rates can stimulate demand in the real estate market. When buyers perceive prices as stable, they are more likely to enter the market, leading to increased sales and transactions. This, in turn, benefits developers and other stakeholders in the real estate sector by maintaining a steady flow of revenue and business activity.

CREDAI-MCHI is aligned with the state government to promote transparency and trust in the market, as buyers feel reassured that they are paying a fair and consistent price for their properties. This fosters a healthier real estate ecosystem where both buyers and sellers can engage in fair transactions. Overall, the impact of stable Ready Reckoner rates and stamp duty on the real estate sector in MMR is significant, as it supports market growth, encourages investment, and enhances affordability for home buyers, contributing to a more robust and sustainable real estate landscape.”

ABOUT CREDAI-MCHI

CREDAI-MCHI is an apex body comprising members from the Real Estate Industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only Government-recognized body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry’s organization and progress.

As a part of CREDAI National, an apex body of 13000 developers across the nation, CREDAI-MCHI has emerged as a preferred platform for regional discussions on housing and habitat by establishing close and strong ties with the government. It is committed to breaking barriers to create a strong, organized, and progressive real estate sector in the MMR.The vision of CREDAI-MCHI is to empower the Real Estate fraternity of the Mumbai Metropolitan Region as it preserves, protects, and advances the right to housing for all. To continue being a trusted ally, guiding their members, supporting the Government on policy advocacy, and assisting those they serve through the ever-evolving real estate fraternity.