JAIPUR: Developers have urged the state government to reduce stamp duty and abolish surcharge in the budget to revive fortunes of real estate sector. At present, 30% surcharge is imposed on stamp duty, including swachh cess of 10%.
After first lockdown, both consumers and real estate industry faced a setback as stamp duty was increased to 6% from 5%. Also, with 1% registration fee and 30% other taxes, the total stamp duty had gone up to 8.8%.
Former Rajasthan CREDAI chairman Gopal Das Gupta said, “As tax burden on residents is exceptionally high, the government should reduce the stamp duty from 6% to 4% and remove the surcharge to boost industry.”
The state government had earlier announced to reduce stamp duty on housing units in multi-storey buildings from 6% to 4% until March 31, 2022. The benefits are provided to buyers purchasing flat worth up to Rs 50 lakh.
Ankur Tiwari, a real estate agent, said, “This relief should be provided to all the customers and not only to those who are buying Rs 50 lakh flat. Moreover, this relaxation should be extended for one year.”
As property rates have come down over the past few years, developers have requested the state government to reduce the district lease committee prices.
