The state government in its budget on Monday announced another 1% stamp duty concession. Though this time it is only for women.
By Varun Singh
Monday was International Women’s Day and also the day when the state government announced its budget.
The state government came up with another stamp duty concession in its budget.
This concession is only for women.
The Finance Minister in his budget speech said, “On the eve of International Women’s Day, I propose concession in Stamp Duty of 1 Percent over the prevailing rate exclusively to Women, provided the transfer of house property or registration of sale deed is in the name of woman or women only.”
Due to the above tax concession, there will be revenue shortfall of around Rs 1000 Crores.
The developer community considers this as a good move that will boost sales.
Rohit Poddar, Managing Director, Poddar Housing and Development Ltd said, “For the real estate sector concession of 1% for property registered in woman’s name under Rajmata Graha Swamini Yojana is a welcome move.”
“IT will help boost demand from this segment of homebuyers due to more and more females entering the workforce, becoming key decision makers.”Rohit Poddar, Managing Director, Poddar Housing and Development Ltd
Not only Maharashtra but our neighbour Karnataka also announced a stamp duty cut on Monday.
Anuj Puri, Chairman-Anarock Property Consultants said, “Emulating its immediate neighbour , Maharashtra which saw a 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 35-45 lakh.”
This move is expected to benefit 24% of the total unsold stock of Bengaluru which stands at 59,350 units.
24% of the unsold stock is priced within the price bracket of Rs 45 lakh while 64% units is within RS 45 to Rs 1.5 crore.
Dr Niranjan Hiranandani, National President NAREDCO, on the stamp duty cut said, “It has been seen that states like Maharashtra which reduced stamp duty not only saw a surge in total sales, but also a corresponding hike in total stamp duty collected as revenue accruing to the state.”
“If 2020 saw COVID 19 influenced slowdown, the decision by the Maharashtra Government to reduce stamp duty effectively helped counter balance the disruption caused by the pandemic.”Dr Niranjan Hiranandani, National President NAREDCO
The government of Maharashtra in the year 2020 announced a stamp duty cut of 3% between September till December 2020.
The stamp duty has been reduced by 2% for a period between January to March 2021.
Also Read: Stamp Duty Hike Fails To Slow Realty Sales