Stamp duty reduced by 0.5% in Nagpur

In some relief for property buyers, builders and developers, the stamps and registration department has reduced stamp duty in the city by 0.5%, which was being recovered for Nagpur Improvement Trust (NIT) for the last 83 years. However, the decision is a major setback for the cash-strapped Nagpur Municipal Corporation (NMC), as it is yet to get the revenue from this even though it has taken over all areas of NIT. An official from stamps and registration department said stamp duty is now 7% as against 7.5% with effect from December 1. “It has been done as per orders of stamps collector AS Ughde,” the official said.