Bengaluru: The State Government will demand to reduce stamp duty on all types of property regardless of their price ribbons, Revenue Minister R Ashoka told the Assembly on Monday.
He stressed that the government plans to reduce the value of the property (minimum selling price) property, adding that the decision will be carried out in December.
He gave a guarantee during the debate about the carnataka stampial bill (amendment).
Bill seeks to reduce stamp duty from 5 percent to 3 percent for the average price between Rs 35 Lakh and Rs 45 Lakh on the first registration.
The Assembly passed the size after several members of all parties asked the government to extend its benefits to all types of housing units.
“The bill suggests that the government supports apartment developers.
The benefits must be extended to homes built on empty sites so that poor people in urban areas and rural areas can get relieved,” said Senior Congress of DK Shivakumar.
Citing Maharashtra’s example, members urge Ashoka to reduce the value of the guidance and stamp duty for all properties, by saying this will drive demand in the housing market and help the government produce more income.
Ashoka said that the government would explore choices.
“We have studied the Maharashtra models and examples of other countries.
While we are open to rationalizing the value of the guidance and stamp duty, we need to study the financial implications of the proposal before making the last call,” he added.
The cabinet has cleared the amendment to the reduction in stamp duty last month and the Chairman of the Minister of Bumavaraj Bommai was reported to ask officials to bring bills to priority homes.
The proposal was announced in a budget of 2021-22 when BS Yediyurappa was the main minister.
This is a continuation of government policies to support affordable housing segments.
On Monday, the Assembly also passed Bill Karnataka Cooperative (Amendment) Bill and Bill Karnataka Sauharda Sahakari (Amandment).
Bommai introduced the Karnataka fiscal responsibility bill (amendment), which allows the local body to build their audit authorities.