Rebate of 2% stamp duty in multi-storey projects to extend till March 31, 2023

On Wednesday, the real estate industry, which had pinned high hopes on the budget for the revival of the sector after the pandemic, produced mixed reactions after chief minister Ashok Gehlot’s speech. The developers are gladdened as a declaration to extend the rebate of 2% stamp duty for units in multi-storey projects under 50 lakh till March 31, 2023, was made in the budget. Former chairman, CREDAI, Gopal Das Gupta, told the media that the relaxation has been extended for the year. More people will be benefited from the decision as they postponed purchasing the homes during a pandemic. The decision to decrease the district lease committee (DLC) rates for bigger plots has been welcomed by the developers. According to the slab, the government has declared a 5% drop in DLC rates on plots measuring 1,000 sq m to 2,000 sq m. Likewise, 10% DLC rates will be decreased on plots measuring 2,000 sq m to 3,000 sq m. Above 3,000 sq m, a 15% decrease will be rendered to the developers. Rajendra Singh Pachar, secretary of CREDAI-Rajasthan, told the media that it will bring the land rates down in the state and benefit developers and consumers. President, CREDAI-Rajasthan, Dhirendra Madan, has appreciated introducing Stamp Duty Amnesty Scheme 2022 in the budget which renders 100% rebate on interest and penalty and 50% rebate on stamp duty till September 30, 2022. But, Madan considers the reduction in stamp duty would have given the industry more push. They urged the government to decrease stamp duty and cancel surcharges. Presently, a 30% surcharge is levied on stamp duty. Image Source