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The Maharashtra government may announce reduction in the premium on additional floor space index soon to boost the real estate market.

A real estate developers’ body with over 1,800 members in Mumbai and Mumbai Metropolitan Region (MMR) has claimed that as many as 374 projects have been completed since the imposition of the lockdown following the outbreak of COVID-19 and sales have increased by 15 to 20 percent over last year.

“After navigating through the initial lockdown phase of the pandemic, CREDAI MCHI members have been able to complete close to 375 projects across Mumbai, Thane, Raigad, Palghar and other Mumbai suburbs,” CREDAI MCHI president Deepak Goradia told Moneycontrol.

These are all RERA-registered projects and mostly those that were nearing completion before the lockdown was imposed. “Most developers are keen to finish the project and receive the occupancy certificate so as to ensure that buyers do not have to pay GST on completed projects,” he says.

With regard to sales, Goradia said that the momentum has increased by 15 percent to 20 percent in the last few months and is likely to continue going forward too.

“This is on account of offers, stamp duty rate cuts, interest rate cuts and buyers keen to graduate from the uber/rental lifestyle to a home of their own during the pandemic. The sales momentum is likely to continue even after December 31 when the stamp duty cut will increase by 1 percent,” he said.