Monday, June 14, 2021

Karnataka cuts stamp duty on flats to boost property sales

Emulating its immediate neighbour Maharashtra which saw major boost in sales due to limited-period stamp duty cuts last year, Karnataka decided to reduce the stamp duty charges to 3% for homes valued between Rs 35 lakh to Rs 45 lakh.

“The year 2020-21 due to COVID-19 pandemic has caused untold miseries to the general public. I am not willing to put the burden of additional taxes on the common people,” Yediyurappa said. The Chief Minister said, the Gross State Domestic Product (GSDP) has seen a fall due to lockdown for controlling the Covid-19 pandemic during the year 2020-21, and as per the initial estimation based on fixed prices the GSDP has contracted by 2.6 per cent in comparison with that of 2019-20.

He further stated that in spite of coronavirus and occurrence of floods in North Karnataka during 2020-21, growth of 6.4 per cent is observed in the agriculture sector and said, however, the industrial and service sector witnessed a decline. Just before the outbreak of the pandemic in India, Yediyurappa in the budget on 5 March 2020 had presented an outlay of ₹2,37,893 crore.

Earlier, the Maharashtra government decided to reduce all premiums related to the sector by 50%. It will be applicable till 31 December 2021. All projects which want to avail of the premium concession will have to pay full stamp duty for the customers till 31 December.

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