Did you know Maharashtra has been declared the most lucrative state for residential and commercial real estate investment in India? This declaration came from the Associated Chambers of Commerce and Industry (Assocham) of India.
They observed that more than a whopping 20% of real estate investments alone happened in Maharashtra in the last 5 years. With Maharashtra providing countless employment opportunities to individuals across India, however, the numbers are hardly a surprise.
Today, the state has a vast network of well-established industries in diverse sectors like information technology, engineering and automotive, pharmaceuticals, and much more, which appeals to various real estate seekers.
But, this is not it! Here are a few more steps from relevant authorities that continue to boost real estate investment in Maharashtra.
1. State authorities have cut premiums by 50%
With this one swell action, the Maharashtra government has made buying homes in expensive metropolises like Mumbai cheaper. State authorities were quick to predict the hit the real estate sector will keep taking in the light of the continuing pandemic. In consequence, they slashed their premiums by 50% till 31st December 2021.
The government also collects substantial premiums from developers for any new construction, which leads to higher costs for homeowners. But with premiums slashed by 50%, buying a house in Maharashtra has now become more affordable.
Additional Read: All You Need to Know About CTS Number of a Property in Mumbai
2. Investor-friendly tax reforms
The government’s initiative to not levy tax on international investors draws them from cities like Dubai and Singapore who either set up shops in Mumbai or lease out residential properties. As such, the state continues to witness accelerated growth in the construction of industrial mega-projects state-wide.
3. Flexibility of land usage
The Maharashtra government allows and facilitates the use of areas freed from erstwhile Special Economic Zones or SEZs for varied real estate purposes. For instance, the government mandates that 60% of land freed from a scrapped SEZ be used for industrial activities. The rest can be used for any other purpose, including setting up residential real estate for industry workers or creating a green cover.
Collectively, these three initiatives make the state a spotlight for commercial, industrial as well as residential real estate investment. Out of the three, if you are a potential homebuyer, you are especially in luck!
In addition to the state providing developers increased opportunities to build more homes, lending institutions have also lowered their home loan interest rates.
Additional Read: Hurdles to the Growth of Real Estate Industry in Mumbai
Given the bustling scene of Maharashtra’s real estate and future outlook, there’s no doubt the land bears fruit for anyone willing to invest. Are you searching for housing projects in Maharashtra for investment? Tata Capital can help you with the financing! We extend housing loans at competitive interest rates with customisable repayment terms.
Now you can apply for a home loan online in just six easy steps. Simply enter your basic details in the online form, furnish required documents, and get approval in minutes. Learn more about our home loan eligibility criteria here.