Maharashtra Greenlights Stamp Duty Concessions to Propel Urban Development

The Maharashtra Cabinet has taken a significant step towards urban development by approving a 50% concession in stamp duty for land transactions linked to the state's first large-scale urban project under the Public-Private Partnership (PPP) model. Spearheaded by the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd, the project aims to position the Pen taluka region as an investment powerhouse.

Chief Minister Devendra Fadnavis announced that the integrated township project would span approximately 1,217.71 acres, housing fintech firms, educational and healthcare institutions, entertainment hubs, affordable housing, commercial zones, and retail markets. This initiative is anticipated not only to generate employment opportunities but also to attract substantial foreign investment.

Furthermore, the Cabinet approved a stamp duty waiver for the transfer of land to Maharashtra National Law University (MNLU) for the development of its permanent campus in Goregaon, Mumbai, thus bolstering the region's educational infrastructure. The state government anticipates increased revenues from the expected commercial activities once the projects are operational.

(With inputs from agencies.)