Centre asks states to cut stamp duty to boost real estate sales
Keeping in mind the large number of unsold housing units in major cities, the Centre has written to states to reduce stamp duty on registration of properties. With a view to attract more buyers, many states including Maharashtra and Karnataka have reduced the Stamp Duty rates on transaction of immovable property to boost sales. Initial estimates suggest that there has been very good response.
Union Housing and Urban Affairs minister Hardeep Singh Puri agreed that there is a need to spur economic activities and reduction in stamp duty will help in pushing up the sale.
“It is clearly getting reflected in the increased number of properties being registered recently in the states… I have also written to all the States/UTs to take similar steps for reduction of Stamp Duty to encourage the sales and to accelerate economic activities,” said the minister in the backdrop of a virtual conference organised by realtors’ body NAREDCO.
The minister mentioned that the sale registration in Maharashtra for September 2020 has surpassed the registrations done in pre-Covid era and recorded the highest registrations of this calendar year i.e. 1,19,834.
One of the major factors contributing towards this growth is reduction in Stamp Duty by State Government and various other steps of Central Government, he added.
Source: The New Indian Express (https://bit.ly/3ogIgQm)