Additional stamp duty reduced from 3% to 1 % on sale-purchase of property in urban areas

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Additional stamp duty reduced from 3% to 1 % on sale-purchase of property in urban areas


Boom in real estate must, economic activities will increase
People will easily be able to buy own house with 2% exemption: CM Shri Chouhan
 


भोपाल : सोमवार, सितम्बर 7, 2020, 21:16 IST

Chief Minister Shri Shivraj Singh Chouhan has decided to reduce stamp duty on the sale and purchase of property in the urban areas of the state. In a meeting held at Mantralaya, Shri Chouhan said that the economic activities have been adversely affected on a large scale due to Covid-19. It has also had a major impact on the real estate sector, as a result of which citizens who wish to buy and sell property are also facing adverse circumstances. The state government has taken a decision to reduce the additional stamp duty from 3 percent to one percent on the sale and purchase of property. Shri Chouhan said that I am confident that this exemption will help in accelerating the real estate business at fast pace. ‘I am continuously striving to accelerate the pace of the development of the state amidst the challenges like corona pandemic’.

Chief Minister Shri Chouhan said that every person dreams of owning a house, where he can live happily with his family. Economic activities had almost come to a standstill due to lockdown in Corona period. The real estate business was also affected adversely. Buying and selling of properties has also been affected with people’s limited financial capacity. Now it has become necessary to contemplate, how to increase the economic activities and how to ensure boom in the real estate sector. Every effort will be made for this. Keeping this in view, an exemption of 2 percent in additional stamp duty on sale and purchase of property in urban areas will be given. At present, this exemption will be applicable till December 31, 2020. Chief Minister Shri Chouhan expressed confidence that this decision will enable people to buy their own house easily, business will accelerate and work in real estate will gain momentum. Other necessary steps will also be taken in this regard.


Ashok Manwani



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