MoHUA Asks States to Cut Stamp Duty to Boost Demand
Housing and Urban Affairs Secretary Durga Shanker Mishra has asked states to reduce stamp duty on registration of properties as it will help reduce the overall real estate cost and boost housing sales. Mishra said the government has taken various measures in the past six years for revival of this sector such as enactment of realty law RERA. He noted that the property registrations in Mumbai, Maharashtra, have improved and are back to pre-COVID-19 level. He said the Maharashtra government has taken a good decision to reduce the stamp duty, and many builders have decided to absorb the balance to incentivise the homebuyers. Mishra asked builders to utilise this pandemic time to retrospect and see how they can reduce cost and adopt innovative technologies for sustainable and inclusive development. The secretary said the real estate is one of the most important components of the Indian economy having immense contribution in the country’s gross domestic product (GDP) and employment generation. “We have also written to all the states. I am also following up with different principal secretaries and secretaries of the states to see if they can come up with such move which will help reduce cost,” Mishra said.
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