CREDAI-MCHI’S EXPO BRINGS FOCUS BACK TO STAMP DUTY AND PREMIUM REDUCTION
GRAND PROPERTY EXPO BY CREDAI-MCHI RECEIVED UNPRECEDENTED SUCCESS IN TERMS OF SPOT BOOKINGS, VISITOR TURNOUT AND POLICY DELIBERATIONS
THE MMR REAL ESTATE MARKET REMAINS A VERY ATTRACTIVE INVESTMENT MAINLY DUE TO THE DEVELOPMENT OF INFRASTRUCTURE AND A CONDUCIVE POLICY ENVIRONMENT
OVER 60 THOUSAND HOME BUYERS VISITED DESPITE HEAVY RAINS AND BAD WEATHER
100 DEVELOPERS SOLD OVER HALF A MILLION RERA CARPETS IN JUST FOUR DAYS
Mumbai: India’s most trusted and exclusive property show in the MMR concluded its 30th edition after four successful days at MMRDA GROUND - BKC, Mumbai. The 2022 event witnessed record sales from exhibitors and an unprecedented number of visitors making the expo the most successful edition to date. Held under the patronage of CREDAI-MCHI – the apex body of MMR real estate, the expo grew, spanning 1 lakh square feet of exhibition halls, featuring over 100 real estate developers, and welcoming more than 60,000 participants looking for real estate investment opportunities across MMR.
The expo also witnessed many government officials, bureaucrats and ministers, thousands of channel partners, real estate enthusiasts, developers, and bankers representing some of the biggest industry names welcomed at the four-day property show. The last two days of the events, organised over four days by CREDAI-MCHI, were full of pleasurable surprises for its visitors with live music and entertainment. The event's last day also witnessed many key dignitaries, including the Honourable Governor of Maharashtra and Honourable Deputy Chief Minister of Maharashtra, visiting the exhibition. The 30th edition saw, for the first time, many international participants from Europe, America, and the Middle East.
HONOURABLE DEPUTY CHIEF MINISTER OF MAHARASHTRA, SHRI. DEVENDRA FADNAVIS expressed confidence that the demand for stamp duty reduction and the premium discount will be discussed in the next cabinet meeting. He complimented CREDAI-MCHI for bringing all the stakeholders under one roof and expressed happiness over hosting the IGR Department of Maharashtra at the EXPO and the home buyers' overwhelming response to spot registration. The Honourable Deputy Chief Minister has also taken note of the comparative analysis of premiums in various metro cities presented by CREDAI-MCHI.
HONOURABLE GOVERNOR OF MAHARASHTRA, SHRI. BHAGAT SINGH KOSHYARI opined that the real estate sector has strong linkages with the core sectors of the economy, such as steel and cement. Hence, a boost to the real estate sector will help revive growth in the core sector and make housing in MMR affordable and accessible for the common man. I’m happy that this exhibition was a unique platform for home buyers to prepone their home-buying decision, with many developers coming together under one roof with many lucrative offers. He also requested the developers to come together to make Mumbai slum-free in the few years.
THE PRESIDENT OF CREDAI-MCHI, SHRI. BOMAN IRANI stressed that the unprecedented success of the exhibition would never have been achieved without the patronage of critical stakeholders like the Government of Maharashtra, MMRDA, SRA and the whole developer fraternity and channel partners. We want to thank the Honourable Chief Minister Shri Eknath Shinde, Honourable Deputy Chief Minister Shri Devendra Fadnavis and Hon Governor of Maharashtra for their continuous support for the overall development of MMR and their timely help for the real estate sector.
“We are confident that the four-day exhibition has helped to bring all the stakeholders together to deliberate on many critical issues, and it has set a tune to bring MMR real estate market on the global map. Moreover, we are optimistic that in the coming days, the government will take a positive step toward our recommendation, especially regarding stamp duty reduction and premium discounts,” he added.
THE CHIEF OPERATING OFFICER OF CREDAI-MCHI, SHRI. KEVAL VALAMBHIA said, “We have requested a 50% discount on the current premium charges from both the Honourable Chief Minister and Deputy Chief Minister of Maharashtra. We are hopeful that the government will decide on this soon, especially because in the wake of the 50% discount scheme during the pandemic, BMC has received a record sum of close to Rs 12,000 crore. All Municipal Corporations, the MHADA, and the SRA have benefited from the concessions and the building industry. This is a win-win situation for all stakeholders,” said
Mumbai collects 22 premiums under various headings, including FSI, staircases, lift wells, lobbies, etc. This is significantly higher compared to other top cities in the country. For example, the developers in Bengaluru only pay ten different premiums and charges, while the developers in Delhi pay five types of premiums, and the developers in Hyderabad have just three premiums. As a result of the current market environment of compromised liquidity, premiums can act as crippling factors. For example, Mumbai real estate developers incur an average of 1/3 of their total project costs in premiums.
About CREDAI-MCHI
CREDAI-MCHI is an apex body consisting of members from the Real Estate Industry from the Mumbai Metropolitan Region [MMR) with a strong membership of over 1750+ leading developers in MMR. CREDAI-MCHI has expanded across MMR, having its Units in Thane, Kalyan-Dombivli, Mira-Bhayandar, Vasai-Virar, Raigad, Navi Mumbai, Palghar, Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, Alibag. Karjat-Khalapur-Khopoli and Pen.
