On the 11th of June, the Mauritian government announced a series of new incentives to encourage Mauritian citizens to invest in real estate.
Here are the steps taken to revive the local real estate industry:
- 5% of the cost of acquisition for a house, apartment, or land to build a residence to be refunded up to MUR 500,000 in the financial year 2021/2022. However, if the property is sold within a period of one year from the date of the acquisition, the amount received under the scheme will have to be refunded.
- 5% exemption on registration duty for first-time buyers on the first Rs 5 million of the acquisition value. This was previously restricted to property whose value did not exceed Rs 5 million.
- 5% of home loan to be refunded up to MUR 500,000.
If you too are planning to buy real estate, this fiscal year is proving to be the right time!