New Delhi: Want to buy a house in Mumbai? This is probably the best time of the year as homes prices are likely to fall in Mumbai in the days to come after the local administration slashed levies by as much as 50% until December 2021.Also Read - Omicron: No Case in Mumbai Yet, Confirms Genome Sequencing of South Africa Returnees

Apart from this, the Maharashtra government has also slashed various levies on construction projects on the recommendation of a government-appointed committee headed by Deepak Parekh, chairman of Housing Development Finance Corporation. Also Read - Mandatory RT-PCR Test, 14-Day Quarantine: How Airports Across Country Gearing up to Tackle Omicron Variant | Key Points 

The decision of the state government is likely to bring down the development costs for most builders and result in lower home prices for buyers in addition to boosting stocks of realty developers. Also Read - India vs New Zealand 2nd Test: Ajaz Patel Feels NZ Spinners Could Have Bowled With Better Line And Length In Kanpur

In Mumbai, developers prefer to build vertical apartments due to scarcity and high cost of land. Developers pay a variety of charges for being able to build more, including premiums for more floors and deficient open space.

The latest move follows the state government cutting local tax on home purchases by around 60% last year, leading to an 80% jump in Mumbai home sales in October-December.