In a significant step toward promoting sustainable development at the property buyer level, Mrs. Smita Patil, National President of NAREDCO MAHI, submitted a formal proposal to Shri Chandrashekhar Bawankule, Hon. Minister for Revenue, Government of Maharashtra. The proposal calls for a 1% reduction in stamp duty for property buyers opting for certified green building projects.
During the discussion, Mrs. Patil emphasized the need to promote sustainable practices at the buyer level, aligning with the increasing importance of green urbanization. She highlighted that while the government already incentivizes developers for adopting green building practices, extending benefits to property buyers would create a robust demand for certified green projects. This, in turn, would encourage more developers to incorporate sustainable design and construction methods.
The proposal suggests a 1% reduction in stamp duty for properties in projects certified by recognized authorities such as IGBC, GRIHA, or similar organizations. According to Mrs. Patil, this initiative would not only encourage environmentally responsible choices but also yield long-term economic and social benefits, including reduced carbon footprints and improved living standards.
Hon. Minister Shri Chandrashekhar Bawankule appreciated the initiative and assured that the government would positively consider the proposal. He expressed the government’s commitment to working closely with NAREDCO to promote sustainable developments across the state.
This meeting marks a vital step forward in creating impactful collaborations between policymakers, developers, and buyers. The discussion also covered various real estate topics to foster greater collaboration between the government and industry stakeholders to drive sustainable growth in the sector.
This initiative reflects NAREDCO MAHI’s dedication to advancing sustainability and creating impactful collaborations between the government, developers, and buyers to ensure a greener, healthier future. National Real Estate Development Council (NAREDCO), established in 1998 under the auspices of the Ministry of Housing and Urban Affairs, Government of India, is the preeminent industry association for the real estate sector in India.
The meeting, held on January 10, 2025 at Pune, was attended by Shri Ravindra Binwade (IAS), Inspector General of Stamp & Registration, esteemed representatives of NAREDCO, including Mr. Hitesh Thakkar, Vice President, NAREDCO Maharashtra, Mr. Bharat Agarwal, President, NAREDCO Pune, Mr. Ghanshyam Dokane, President, NAREDCO Vidharbha, Mr. Rajendra Pate, Vice Chairman, NAREDCO Pune, Mr. Mukesh Yeole, Vice President, NAREDCO Pune, Mr. Balashaeb Karanjule, NAREDCO Pune, Mr. Vishal Gupta, NAREDCO Pune, Mr. Mitesh Thakkar, NAREDCO Maharashtra, Dr. Anshul Gujarathi, Vice President (West), NAREDCO MAHI, Dr. Kettaki Kasbekar, AVP – West, NAREDCO MAHI, Ms. Manaswi Kele, Member, NAREDCO MAHI amongst the other NAREDCO members.
