+
Karnataka govt to introduce bill to reduce stamp duty from 5% to 3%
Real Estate

Karnataka govt to introduce bill to reduce stamp duty from 5% to 3%

Karnataka state government intends to introduce an amendment bill to codify its decision to reduce stamp duty for flats priced between Rs 35 lakh and Rs 45 lakh from 5% to 3%. The reduction had been announced previously.

The Karnataka State Stamps (Amendment) Bill, 2021, according to the parliamentary affairs department, is ready to be tabled in the legislative assembly and council during the monsoon session, which begins on September 13.

G Sridhar, the department secretary, claims that it will be one of four to five bills introduced. The procedural steps have been completed, and he expects the bill to be tabled early in the monsoon session.

A bill establishing a prisons development board as well as an amendment allowing for audio and video recording of witnesses are also on the table.

Last month, the cabinet approved the stamp duty reduction amendment, and chief minister Basavaraj Bommai reportedly instructed officials to bring the bill to the House as soon as possible.

When BS Yediyurappa was chief minister, the proposal was announced in the budget for 2021-22. The government remained under fire as the proposal remained on paper.

Many people held off on registering new properties until the government announced the new tax structure.

Over 3,500 property buyers were sent back from 252 sub-registrar offices between April and July, according to a stamps and registration department official.

Only about 200 people chose to pay the 5% duty. Developers and would-be homebuyers want stamp duty to be reduced across the board, as this would help the sector recover.

Image Source


Also read: Maharashtra records 93% property registration revenue hike in July

Karnataka state government intends to introduce an amendment bill to codify its decision to reduce stamp duty for flats priced between Rs 35 lakh and Rs 45 lakh from 5% to 3%. The reduction had been announced previously. The Karnataka State Stamps (Amendment) Bill, 2021, according to the parliamentary affairs department, is ready to be tabled in the legislative assembly and council during the monsoon session, which begins on September 13. G Sridhar, the department secretary, claims that it will be one of four to five bills introduced. The procedural steps have been completed, and he expects the bill to be tabled early in the monsoon session. A bill establishing a prisons development board as well as an amendment allowing for audio and video recording of witnesses are also on the table. Last month, the cabinet approved the stamp duty reduction amendment, and chief minister Basavaraj Bommai reportedly instructed officials to bring the bill to the House as soon as possible. When BS Yediyurappa was chief minister, the proposal was announced in the budget for 2021-22. The government remained under fire as the proposal remained on paper. Many people held off on registering new properties until the government announced the new tax structure. Over 3,500 property buyers were sent back from 252 sub-registrar offices between April and July, according to a stamps and registration department official. Only about 200 people chose to pay the 5% duty. Developers and would-be homebuyers want stamp duty to be reduced across the board, as this would help the sector recover. Image Source Also read: Maharashtra records 93% property registration revenue hike in July

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code