Haryana government’s decision to withdraw its proposal to levy cess on property registration, will benefit homebuyers in Gurgaon where large scale property transactions take place.
Sometime back , Haryana Chief Minister Manohar Lal Khattar had in principle approved a few measures to boost revenue generation of Gurgaon Metropolitan Development Authority (GMDA) . These measures included a 10 percent cess on property registrations in the Millennium City of Gurgaon. This measure along with a set of other policy decisions was meant to make GMDA self- reliant in view of the widening gap between its income generation and expenditure. There is a shortfall of around Rs 600 crore. GMDA’s budget for the year 2021-22, has been estimated at Rs 1848 crore whereas the expected revenue generation is to the tune of Rs 1200 crore only. .
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman Assocham National Council on Real Estate , Housing and Urban Development, ” Of late Gurgaon has emerged as a top destination of affordable housing in the NCR. A number of developers including Signature Global ,are engaged in constructing affordable housing under Haryana government’s Affordable Housing Scheme as well as under Deen Dayal Jan Awas Yojana. In fact Signature Global is developing around one and a half dozen projects in Gurgaon. Under these schemes, homes are available at an all inclusive price of Rs 4000 per sq feet. Moreover, there is an interest subsidy of up to Rs 2.67 lakh under PMAY which makes these lifestyle homes affordable for masses. Haryana government’s decision to roll back cess on registration tax on homes will ensure that they remain affordable to a common man.
