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real estate | IST

50% cut in premium is much needed for real estate sector, says ASK Group

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In a bid to boost real estate activity in Maharashtra the government cuts real estate premiums by 50 percent till December 31. Experts say the move is a win-win for home buyers as well as developers. Sunil Rohokale, MD and CEO at ASK Group shared his views and outlook for the business going forward.

In a bid to boost real estate activity in Maharashtra the government cuts real estate premiums by 50 percent till December 31. Experts say the move is a win-win for home buyers as well as developers. Sunil Rohokale, MD and CEO at ASK Group shared his views and outlook for the business going forward.
“I think this is something which is much needed, stimulus required for real estate as a sector,” he said in an interview with CNBC-TV18.
“Last five years we have seen prices going nowhere, the projects got continuously delayed,” he said.
“This particular regulation is only applicable to Mumbai, not for Maharashtra. Anywhere between Rs 5,000 and Rs 10,000 per square foot on the cost side will be reduced by this premium cut depending on the location of the project,” he said.
“The net construction cost would come down but there would be a cost which developer has to shell out from his pocket against the stamp duty that will be paid by the customer,” he mentioned.
“Everybody is going to be beneficiary of this,” Rohokale said.
For the entire discussion, watch the video