Mumbai home prices may rise on proposed 1% surcharge

The proposed levy of 1% surcharge by Municial Corporation of Greater Mumbai (MCGM) on all property transactions in Mumbai is likely to make houses in the country's most expensive property market more unaffordable, a move that is likely to face lot of resistance from various associations of homebuyers and also developers who are trying hard to sell their inventories. Realty developers are of the view that the sector is one of the highly-taxed sector and such Research proposals are not in sync with the government's vision of providing housing for all.

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