Home CITY UPDATES Stamp duty on first-sale flats cut to 3%

Stamp duty on first-sale flats cut to 3%

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CM slashes stamp cess on Rs 35-45 lakh units from 5%; revenue target may be met as large number of such flats are unsold

BENGALURU:

To attract first-time home buyers in Karnataka, the BS Yediyurappa government has slashed stamp duty to 3% from 5%.

Making this announcement while presenting the state budget for fiscal 2021-22 on Monday, the CM said, “To promote affordable housing, the stamp duty for the first registration of apartments valued between Rs 35 lakh and Rs 45 lakh is proposed to be reduced to 3% from 5%.”

Rs 12,655-cr revenue target

The state government expects a revenue collection target of Rs12,655 crore from the Stamps and Registration Department for fiscal 2021-22.

As per sources, Bengaluru has a total unsold stock of nearly 59,350 flats, of which 24% are said to be in the bracket of Rs 45 lakh and above.

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