On Monday the State Legislative Assembly approved an amendment to the Revenue Stamps Act of 1957 that significantly reduced the stamp duty on apartments valued from Rs 35 to 45 lakhs to 3%. However, the 2% discount only applies to the first registration, in other words to the first sale.
R. Ashoka, Revenue Minister said hundreds of thousands of apartments in Bangalore and other cities remained unsold due to the problem caused by the Covid-19 pandemic. Reducing the stamp duty will help both the real estate sector, which is struggling with large holdings, and families from low-income groups.
The bill anticipates the statement from B.S. Yediyurappa when the budget was presented as chief minister in March this year.
Last December, the government amended the law to introduce a 3% exemption on apartments valued between Rs 20 lakhs and 35 lakhs. In its budget last year, Yediyurappa significantly reduced stamp duty on new apartments at prices below Rs 20 lakhs to 2%.
M.B. Patil, a Senior member from Congress, requested the government to make more concessions on Maharashtra lines, lowering stamp duties regardless of price.
Members of Congress DK Shivakumar and Ramesh Kumar and member of JD (S) SR Mahesh called on the government to help people build houses within this budget on their plots of land.