CM Eknath Shinde wants real estate developers to build iconic structures in Mumbai

The Maharashtra Chief Minister Eknath Shinde wants real estate developers to build iconic structures in the country’s financial capital Mumbai and has sought their suggestions with regards to measures needed for the same.

“When we visit South Mumbai, we see iconic structures developed by the British. We are expecting each one of you to develop iconic structures in the city and create landmarks. You can tell us if any support is needed from the government’s side for this,” said Chief Minister Eknath Shinde.

The state government will continue to support the real estate sector given its linkages with over 250 allied industries and its contribution to job creation. However, developers will also have to contribute from their side by developing accessible and affordable homes for all, he further stated.

According to Economic Times, Following the imposition of the metro cess, stamp duty on property registration in Pune and Mumbai, which are the country’s most expensive and largest real estate markets, have increased by one percentage point. In Mumbai, the stamp duty is now 6% of the asset's value while it has risen to 7% in Pune, Nagpur, and Thane.

According to the minister, the government will push the redevelopment projects in the city through cluster development to ensure better infrastructure planning and rehabilitation of people at the same location rather than pushing them to the peripheral areas.