Karnataka reduces stamp duty charges
New Delhi: The stamp duty charges for registration of properties in Karnataka have been cut to 3 percent from 5 percent earlier for properties priced Rs 21-35 lakh. The stamp duty charges on properties coting up to Rs 20 lakh will be 2 percetn now as compred to 5 percent earlier.
The moves us aimed at helping the home buyers, especially the middle class, to come up and own properties. Karanataka Chief Minister BS Yediyurappa has directed the revenue department officials to bring down the duty. The departemnt has isseud a circular in this regard.
The decision is expect to help the ailing real estate sector which had been reeling under a slowdown for some years and the current corona virus pandemic has made it worse. The real estate market in the state has come to complete halt due to the lockdown.
Restarting construction is the state is proving to be difficult since the migrant labourres. Who were responsible for most of the construction of the real estate and infrastructure projects, have left for their native villages in Uttar Pradesh, Bihar, West Bengal and other states.
Meanwhile, it may be noted that state RERA has extended the deadline for registered real estate projects by six months. The central government had earlier told the state RERA to extend the deadline of the registered project by six months and also decide if another three months extension is needed or not.
It may be recalled that the Rajasthan Government has recently doubled the cow cess on stamp duty charges from 10 percent earlier to 20 percent now. Thus, the total cess on stamp duty charges comes to 30 percent as there is already a Swachh cess of 10 percent.