{"id":1471,"date":"2021-03-12T07:52:01","date_gmt":"2021-03-12T07:52:01","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=1471"},"modified":"2021-03-12T08:50:39","modified_gmt":"2021-03-12T08:50:39","slug":"multiple-state-government-cuts-stamp-duty-to-promote-affordable-housing","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/multiple-state-government-cuts-stamp-duty-to-promote-affordable-housing\/","title":{"rendered":"Multiple state government cuts stamp duty to promote affordable housing"},"content":{"rendered":"\n<p><strong><em>Several policies\nare being undertaken across various states to reduce the stamp duty in India. <\/em><\/strong><\/p>\n\n\n\n<!--more-->\n\n\n\n<p><em>The Karnataka government suggested that the <strong>stamp duty<\/strong> for apartment registration be reduced by 2%; Maharashtra proposed to offer a <strong>stamp duty<\/strong> rebate of 1% to the <strong>women homeowners<\/strong><\/em>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.propertypistol.com\/blog\/multiple-state-government-cuts-stamp-duty-to-promote-affordable-housing\/#Karnataka\" title=\"Karnataka\">Karnataka<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.propertypistol.com\/blog\/multiple-state-government-cuts-stamp-duty-to-promote-affordable-housing\/#Maharashtra\" title=\"Maharashtra\">Maharashtra<\/a><\/li><\/ul><\/nav><\/div>\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Karnataka\"><\/span><strong>Karnataka<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>While presenting the state\nbudget, chief minister Yediyurappa said that this is an initiative to promote\nthe &#8216;housing for all&#8217; policy. This policy is going to be effective during\nfiscal 2021-2022.<\/p>\n\n\n\n<p>The CM further said that the\nCovid-19 in 2020-2021 caused great miseries to the people. The people of\nKarnataka suffered a lot during this pandemic. Hence, he is not interested in\nmounting the burden of increased taxes on the people. <\/p>\n\n\n\n<p>The <strong>stamp duty in India<\/strong>\nis a cause of worry because the leveraged amount is a lot. The government\nproposed a reduction in <strong>stamp duty<\/strong> from 5% to 3%. This <strong>concession on\nstamp duty<\/strong> is for apartment registration and will be effective towards the\nmid-range apartments, priced between thirty-five to forty lakh rupees. <\/p>\n\n\n\n<p>The Covid-19 pandemic hampered purchases in the housing industry and led the real estate industry to almost come to a standstill. This cut comes amid when <a href=\"https:\/\/propertypistol.com\/\">real estate<\/a> companies in Karnataka, particularly in Bengaluru, have asked for some respite to attract customers towards unpurchased apartments in the IT capital.<\/p>\n\n\n\n<p>The Budget made a target of\nRs twelve thousand six hundred fifty-five crore for the department of state\nstamps and registration. The government is expecting to achieve this target in\nthe coming fiscal 2021-2022. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.propertypistol.com\/blog\/remarkable-trends-that-may-begin-during-corona-pandemic\/\">The pandemic<\/a> led to a decrease in house sales and stockpiling in the state capital. That is why the targeted amount for the state stamps and registration did not change compared to the previous year.<\/p>\n\n\n\n<p>The CM said that the Department received Rs nine thousand fourteen crores through stamps and registrations from across the state until February. They could not meet the annual target set of Rs 12,655 crore for 2020-21 because of the unprecedented pandemic.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maharashtra\"><\/span><strong>Maharashtra <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>The <strong>Maharashtra <\/strong>government announced a 1 percent <strong>concession onstamp duty<\/strong> over the existing rate specifically for <strong><a href=\"https:\/\/www.propertypistol.com\/blog\/top-5-home-loan-benefits-for-women\/\">women homeowners<\/a><\/strong><a href=\"https:\/\/www.propertypistol.com\/blog\/top-5-home-loan-benefits-for-women\/\">.<\/a><\/p>\n\n\n\n<p>The <strong>Maharashtra<\/strong> state\ngovernment budget announcement took place on <strong>International women&#8217;s day<\/strong>.\nIt is an effort to reduce <strong>stamp duty in India<\/strong>. The finance minister Ajit\nPawar said that a new policy would be effective in <strong>Maharashtra<\/strong> to\ncommemorate this day. This policy would allow female homebuyers to avail a\nconcession of one percent on <strong>stamp duty<\/strong> if and only if the transferred\nproperty is in the lady&#8217;s name. Finance Minister and the\ndeputy CM introduced a revenue deficit budget of around ten thousand crores in\nfront of the State Legislative Assembly.<\/p>\n\n\n\n<p>Though revenue collection in\nthe upcoming fiscal year was projected at around 3.68 lakh crore, revenue\nspending estimation stood at Rs 3.79 lakh crore.<\/p>\n\n\n\n<p>The COVID-19 had an immense\neffect on the economy of <strong>Maharashtra<\/strong>, Pawar said. He further added that\nthe tax revenue projection is around Rs 2.18 lakh crore in the revised 2020-21\nestimates.<\/p>\n\n\n\n<p>Given the present sluggish growth in the national and state economies, it will be hard to accomplish the revised revenue projections. But the government will leave any stone unturned to achieve the revised target, the finance minister remarked. Due to this reduction alone, there would be a revenue deficit of about a thousand crore rupees. <\/p>\n\n\n\n<p>However, Real estate developers claimed that this decision would further improve housing demand in the state. There is a large segment of <strong>women homeowners <\/strong>and buyers in the real estate industry. With an increasing number of females entering the workforce, they are becoming prime decision-makers. The policy would help women empowerment and is an ideal gift on <strong>International Women&#8217;s Day<\/strong> for lady homebuyers.<\/p>\n\n\n\n<p style=\"font-size:12px\"><em><strong>Disclaimer:&nbsp;<\/strong>The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information<\/em>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several policies are being undertaken across various states to reduce the stamp duty in India.<\/p>\n","protected":false},"author":2,"featured_media":1477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[35],"tags":[86],"class_list":["post-1471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stamp-duty","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Multiple state government cuts stamp duty on residential properties to push affordable housing - 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