The Maharashtra Cabinet on Wednesday took a slew of decisions to provide relief to real estate developers, farmers, fisherfolk and transporters facing economic losses owing to the COVID-19-induced lockdown.
In a bid to attract property buyers, the State Cabinet has decided to slash the stamp duty on property sale to 2% from the existing 5% from September 1 to December 31, and to 3% from January 1 to March 31, 2021.
State Housing Minister Jitendra Awhad said, “A boost to the real estate sector can help revive the State’s economy. Poor demand in the market has hit the sector. We hope slashing the stamp duty will attract more buyers.”
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According to analysts, the new stamp duty rates will now be one of the lowest in the country. New Delhi, Gurugram and Noida have rates between 5% and 7%, while in Chennai it is 7%. In other south Indian cities, the rates are between 5% and 8%.
In a significant relief for the transport sector, the government has decided to exempt commercial and goods vehicles from paying tax from April 1 to September 30. The waiver will be applicable to goods carriers, tourist vehicles, school buses, and commercial vehicles.
The State Cabinet also approved a proposal to set up a separate Slum Redevelopment Authority (SRA) for eight municipal corporations and seven municipal councils, excluding Mumbai, in the Mumbai Metropolitan Region, with a budgetary allocation of ₹200 crore. An IAS officer will head the SRA and its headquarters will be in Thane. Mr. Awhad said, “A group has been formed to study the feasibility of setting up such SRAs in other big cities in Maharashtra.”
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To support dairy farmers, the Cabinet has decided to continue buying milk from them at ₹25 per litre and convert it into milk powder till October. “The State exchequer will incur a burden of ₹200 crore due to this decision,” said Dairy Development Minister Sunil Kedar.
The Cabinet has allocated a special grant of ₹65 crore for fishermen who suffered losses due to cyclones Maha and Kyarr. The amount will be credited to their bank accounts through direct benefit transfer. The State has also decided to set up seven posts of Health Services Director in urban areas to help local civic bodies with their vaccination drives and other awareness campaigns.
Chief Secretary Sanjay Kumar said all exams conducted by the Maharashtra Public Service Commission will be postponed and the revised exam schedule will be declared soon. The Cabinet also extended support to the demand to postpone the NEET and JEE exams.