Nagpur: Maharashtra Deputy Chief Minister Devendra Fadnavis assured builders that he would have a word with Chief Minister Eknath Shinde over reduction of stamp duty on purchase of homes.
“Although I am not making an announcement at this juncture, I will take up the demand with the CM so that the duty is reduced for a certain period till its boost demand for real estate,” said Fadnavis, who also holds the Finance portfolio.
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Thursday 27 Feb. 2025
Fadnavis was speaking at the installation ceremony of the new team of CREDAI Nagpur Metro at Hotel Centre Point in Nagpur. Nagpur Municipal Commissioner Radhakrishna B; and District Collector Dr Vipin Itankar were guests of honour on the occasion. Gaurav Agarwala has taken over as the President of CREDAI Nagpur.
Fadnavis said that the Government will also take positive steps and resolve issues related to transfer of development rights (TDR). Fadnavis highlighted that Nagpur is among the top rapidly developing cities in the country. “Nagpur will be the first city in the country to have all its main roads concretised and all the roads will be pothole free. We are also launching a new system for solid waste management for which the Nagpur Municipal Corporation has already signed a memorandum of understanding with the Swedish company. Similarly, the Government is working on an ambitious project to make Nagpur the logistic capital of the country. All these factors will certainly create demand in the real estate sector,” he observed.
Fadnavis also assured builders that he would bring a rule to allow taller buildings in areas where the road is nine metres wide. Earlier, this was included in the norms when BJP was in power but later removed subsequently in the MVA regime.
CREDAI members explained that once included it would allow buildings with ground plus 10 floors in the area which have narrow roads. A nine metre road can be generally considered as an inner road or lane, said a source.
Fadnavis said if a builder taking up a redevelopment project leaves a margin of 1.5 metres on one side of an existing six metre-road then even the margin would be counted on the other side too considering it as nine-metre wide. This would be on the assumption that the properties on the other side would also be taken up for redevelopment, eventually leaving a margin of 1.5 metres, he said.
“The Deputy CM said builders can carry out public works like inner roads to build even other civic amenities on roads belonging to NMC. This can be done in lieu of saleable TDRs,” said Agarwala.
