by Suman Gupta
PROPERTIES WORTH RS. 50,000 CR ON DISPLAY AT CREDAI-MCHI’S GRAND EXPO
CREDAI-MCHI SEEKS STAMP DUTY WAIVER AND DISCOUNT ON PREMIUMS TO MAKE MUMBAI REAL ESTATE AFFORDABLE
OVER 100 DEVELOPERS TO PRESENT 500 PLUS PROJECTS SPREAD ACROSS THE LENGTH AND BREADTH OF MMR
THE VENUE, DESIGNED BY LEGENDARY ARCHITECT HAFEEZ CONTRACTOR, IS SPREAD ACROSS ONE LAKH SQ. FT WILL HOST 1 LAKH HOME BUYERS, IN FOUR DAYS
Mumbai, October 2022: Chief Minister of Maharashtra, Shri Eknath Shinde, inaugurated the most extensive property exhibition of India post covid organised by the nodal agency of MMR – CREDAI-MCHI. MMRDA Metropolitan Commissioner SVR Srinivas and Bhushan Gagrani, Additional Chief Secretary CMO, also blessed the occasion at the 30th edition of the Grand Property Expo in Mumbai, which will host 1 lakh homebuyers from today till October 16 at the MMRDA Ground at Bandra Kurla Complex. According to the real estate apex authority, over 100 leading developers from the MMR will be participating in the mega show. Homebuyers and investors will have the opportunity to purchase properties from more than 50,000 units displayed from over 500 projects, all under one roof, at the property exhibition. The exhibition will not only serve as a one-stop shop for homebuyers but also serve as the final opportunity to receive all pre-covid benefits like a complete Stamp Duty Waiver, Zero GST, and Bookings at as low as Rs 21,000.
While speaking at the event, CHIEF MINISTER OF MAHARASHTRA, SHRI EKNATH SHINDE, said that the state government would consider the proposal of CREDAI_MCHI to reduce stamp duty and rationalise premiums paid by developers for higher floor space of Index (FSI). He also stressed that his government is keen to rejuvenate the stuck redevelopment projects. Many industries and sectors are directly or indirectly connected with real estate, and we have been working towards helping the real estate sector so that it will ultimately benefit homebuyers through affordable and accessible housing. “We will take positive steps and consider slashing stamp duty and rationalising premiums. I will discuss the issue with the cabinet. He also emphasised that during the covid-19, the government realised that the sector needed oxygen. If the government had not supported it with a stamp duty waiver and a discount on premium, then they would have gone to a ventilator.
BOMAN IRANI- PRESIDENT OF CREDAI-MCHI As the Chamber of developers, we don’t want anything from the government, but we want the government to create opportunities for more business and jobs; we want the government to declare Mumbai-Thane as an IT corridor. So that the new-gen businesses will come to Mumbai, which is currently going to Hyderabad, Bangalore and Gift City, he also requested the Maharashtra government to reduce the stamp duty by 3 per cent from the current 6 per cent. If the state government does that, we will ensure to pay the pending 3% for the buyers,” he added. While speaking about the exhibition, he expressed that this a mega confluence of all stakeholders of MMR where for the first time in India, the developers, the home buyers, the channel partners, the bankers and the architects, and many government agencies are coming under one roof.” This will also be the ideal environment for homebuyers and channel partners to interact with developers.
AJAY ASHAR, PRESIDENT-ELECT OF CREDAI-MCHI, said, “This is the perfect venue to set the narrative on affordable housing for end-users in Mumbai. We at CREDAI-MCHI are always committed to offering affordable housing in Mumbai. However, it is only possible if the government takes some accommodative stance by bringing some revisions to the present stamp duty and high premium regime. We have noticed that the developers in Mumbai are paying ten times the premium as compared to other city developers. 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.”
According to Dhaval Ajmera, Secretary of CREDAI-MCHI, the main goal behind staging this massive real estate exhibition is to boost the real estate market to aid the overall growth of MMR. “We are ready with a 1 lakh sq ft podium designed by the legendary Ar. Hafeez Contractor to host more than 1 lakh home buyers in four days. There will be a range of properties from different MMR micro-markets on display. The 30th edition of the CREDAI-MCHI Mega Expo would be a unique platform for all types of property buyers. CREDAI-MCHI Property Expo will offer a wide range of projects across all segments – from premium, luxury, and ultra-luxury houses to affordable and mid-segment housing with a once-in-a-lifetime opportunity to avail of nil stamp duty, GST-free bookings facilities. The exhibition will also boost the e-registration as we offer a dedicated facility through the IGR Department of the Government of Maharashtra, where home buyers can do spot registration of properties on the same day.”
Mr. Keval Valambhia, COO, CREDAI-MCHI said that a property exhibition like this will offer a unique experience for homebuyers to choose properties from top-tier developers with huge discounts. At the same time, it will also help to clean the inventories with a cumulative sale of over 5 million RERA carpets in these four days of the exhibition. While at the same time, CREDAI-MCHI is trying to bring MMR real estate on the global map with a massive gathering of international investors, HNWIs and NRIs. In addition to providing free opulent interiors for residences, many participating developers are also providing several attractive payment plans for property buyers to lessen their financial strain.
In addition, there are special discounts and gifts, including luxury cars, available with every house purchase from selected developers. Also, a few participating developers are offering free parking, while others provide discounts of up to Rs. 10 lakhs against each booking. At the same time, CREDAI-MCHI Grand Property Expo also provides a unique home exchange offer for visiting home buyers. During the Expo, CREDAI-MCHI launched a women’s ownership drive with various incentives and offers for female house purchasers. Women home buyers would receive unique benefits, including shopping vouchers, waivers on society charges, skill scale up and free furniture, two-wheelers, laptops, appliances etc.
