Mumbai: Home buyers will be able to book homes with zero registration and stamp duty during the three-day property expo organized by CREDAI-MCHI, the apex body of developers representing over 1,800 members in Mumbai Metropolitan Region, scheduled to be inaugurated by Maharashtra chief minister Eknath Shinde on the Republic Day.
‘Zero is our Hero’ focused on the zero stamp duty and registration is the theme of the flagship exhibition which entered its 31st year. “This means that if a home buyer is booking a home that costs ₹one crore, he will be able to save ₹eight to nine lakh,” said Nikunj Sanghavi, convenor of the exhibition.
CREDAI-MCHI leadership, including CREDAI National president Boman Irani, CREDAI-MCHI, CREDAI MCHI president Domnic Romell, and Secretary Dhaval Ajmera were present to announce the exhibition to be held at Jio Convention Centre at Bandra Kurla Complex.
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“The stamp duty charges in Mumbai are 6% on the property value and 7% in rest of Maharashtra. Our members have decided to absorb these charges, and this will result in substantial savings for the customer. We hope that the incentive will attractive to fence-sitters who plan to buy property in the near future to prepone their decision and take the benefit,” Romell said.
Sanghavi said 500 plus residential projects by over 75 developers from MMR will be showcased at the Expo. Over 100 commercial properties will also be showcased, and more than 50 projects of plotted developments and vacation homes will be featured. More than 12 banks including State Bank of India, HDFC, and Tata Capital have supported our initiative,” Sanghavi said.
The expo will feature projects by prominent Mumbai developers such as Piramal Realty, Adani Realty, Raymond Realty, Dosti Realty, Rustomjee Group, Ajmera Realty & Infra India, L& T, Veena Developers, Ashar Group, Jangid group, Runwal Real Estate among others.
While CM Shinde is scheduled to inaugurate the exhibition on January 26, Deputy chief Ministers Devendra Fadnavis and Ajit Pawar will also visit the exhibition in the next two days.
“We have asked our members to unveil various incentives for buyers who will book their homes. Some developers will also offer cash discounts up to ₹9 lakh, flexi payment plans, etc. As an association, we have offered a 0.25 % professional fees to our channel partners over and above what developers offer them for their services,” Sanghvi said.
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Atul Rathi, Deputy Manager, Real Estate and Housing Business Unit, State Bank of India, announced zero processing fee from the bank for processing home loans for buyers who book homes during the three days. “We will also offer reduced and competitive rates to buyers based on their CIBIL score. We will also offer 18 month interest capitalization scheme where buyers do not have to pay anything till they get possession and move into their homes,” Rathi said.
Credai National president and Rustomjee Group’s Managing Director Boman Irani said “The developers are not looking at price appreciation in this exhibition. We are looking at driving volumes through this expo.”
Sanghavi said the previous edition of the expo had resulted in sales of 150 units from 65 developers, and this year, they expect sales of 300-400 units, and 25000 to 30,000 footfalls.
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