new Delhi. Housing and Urban Affairs Secretary Durga Shankar Mishra on Friday praised the Maharashtra government's decision to reduce stamp duty on property registration. Along with this, he advised other states to do the same to increase the demand in real estate sector. He said that if states reduce the stamp duty, it can help increase the demand for residential homes.
Addressing a webinar of the Udyog Mandal PSD Chamber of Commerce and Industries, Mishra assured the industry that the ministry would consider their various demands. It also includes a demand for changes in the income tax law of the real estate industry, which will enable builders to reduce the sale price of flats. The Secretary of the Ministry of Housing said that an investment of Rs 9,300 crore has been approved from a special fund of Rs 25,000 crore created to complete the stalled housing projects across the country.
He suggested states to reduce stamp duty to speed up sluggish demand in real estate during the Kovid-19 crisis. Mishra said that we had advised all states to reduce it. The Maharashtra government has done so. We will ask other states to do the same. The Maharashtra government has taken a good step. This will have a positive effect on cost reduction.
It is noteworthy that the Maharashtra government on Wednesday announced the reduction of stamp duty on sale deed documents of houses to be made between September 1, 2020 to December 31, 2020, to three percent, while the period from January 1, 2021 to March 31, 2021 Decided to reduce the stamp duty to two percent. Currently the stamp duty is five percent in urban areas and four percent in rural areas. Stamp duty is a tax levied by the state government on property transactions, which form a major part of their income.
This post was published on August 29, 2020 7:12 pm
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