Developers have urged the 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%.
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.