Reduction in stamp duty by state hailed

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Posted at: Aug 6, 2017, 1:17 AM; last updated: Aug 6, 2017, 1:17 AM (IST)

Amritsar, August 5

The Institution of Valuers (IOV), Amritsar branch, has hailed the state government’s decision of reducing stamp duty on registration of property from nine per cent to six till March 31 next year.
IOV’s district branch chairman Raj Kumar Aggarwal said undoubtedly the move of the government would give relief to the sagging real estate sector. He said the IOV had demanded the same from Amritsar Lok Sabha MP Gurjeet Singh Aujla and also sought enhancement of collector rates to the level of three to four times than the present rates so as to arrest the declining trend after demonetisation in the real estate.
He said these changes would enable the purchaser of the property entitled for loan amount three to four times more than the existing entitlement of loan. As a result, entire dealing will be routed through banks.
Architect Arun Aggarwal said there was tremendous demand of housing in the middle and lower middle income group families. He added that the government must take more such steps to reduce government share of taxes on the houses costing less than Rs 20 lakh. He said subsidy on housing loan of less than Rs 12 lakh under the Pradhan Mantri Awas Yojana was another such step in this direction.

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