Ravi Group Where Realty Dreams Are Redefined To Your Highest Standards
Property prices in Maharashtra are seeking continuous low due to the inducement of series of policies and reforms by the Central and State Government. Recently, the Maharashtra government approved a 50 percent concession on all the premiums levied on construction projects by the government till December 31, 2021. The concession on premiums have also been levied by local administration and planning authorities in the state and is the first of its kind step taken by the state government. The move has suggested boosting the stock prices of realty developers and lowering the prices for home buyers. The slashing of levies marked a positive turn in the real estate market and various celebrities and homebuyers are tuning in to invest in realty.
The real estate market which was slowed down considering
various reasons has now been reenergized and the demand for realty has seen
considerable growth. According to Gaurav Shah,
Director of Ravi Group, “the house sales witnessed a massive jump of 80
percent in Mumbai last year between October to December due to policy reforms.
Similarly, with the 50 percent premium cut in Maharashtra, projects will be
much more economical which will induce more demand for real estate in the
market”.
The concession will boost the morale of home buyers and they
will be shifted towards owning the house rather than renting one for
themselves. Moreover, the premium cut will reduce the extended timeline
provisions and will result in projects being completed and delivered on time.
The decision will help the market in recovering from prolonged slump which was
the result of multiple factors starting from unfavorable government policies to
COVID-19 crisis. As the real estate sector is one of the prominent sectors
contributing to the economy and providing employment to the most of the people
in the country, this move will induce more jobs in the real estate sector which
will ultimately contribute more efficiently to the economy.
New inventories in the market are expected as the industry applauds this booster dose making projects feasible. According to the Managing Director of Ravi Group, Mr. Ketan Shah, “the move will uplift the industry sentiments as it is a profitable deal for both home seekers and realty developers. Now, the home units will be much cheaper than before as constructing homes will be much more economical due to the slashed levies decision by the Maharashtra government”.
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