The Government of Haryana could take into account waiving stamp duty for developers for cheap Residential projects in Gurgaon, stated the finance minister Capt Abhimanyu Singh.
Further, the state finance minister said that they are constantly in discussion with industry people to understand their needs. This idea came out in one of those meetings and the government will examine its feasibility to see how it is able to be worked out in the State Assembly.
Stamp duty is under State Government’s jurisdiction and it is fixed by the state government which varies between 4% and 12%. The cheap housing, which has acquired infrastructure fame in the budget, already enjoys tax exempt from service tax that is round 5.35% of the selling price of the property.
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The Finance Minister’s statement came in the event when developers were elevating the problems at the platform of make investments Haryana.
The builders stated higher stamp duty has turned into an unsustainable element for them and requested the minister to waive off the stamp duty for the affordable housing, which would be highly beneficial for this sector.
Pradeep Agarwal, CMD of Signature global stated that at 5-6% of the cost, stamp obligation is a huge amount for us, in particular in case of cheap housing initiatives and if the stamp duty authorities can waive that off, it would be a massive comfort for developers as well as for people who are considering buying property in Gurgaon.
As per Ashwinder Singh, the CEO (residential segment) of JLL India, who acted as the moderator in the dialogues said that there may be a demand of 1.1 million housing units in low-priced housing phase. If Government can achieve these numbers then this could be considered as a major boost to this housing segment.
The builders additionally sought an explanation from the authorities on whether cheap housing became to be taken into consideration through size, rate or price. The panel consisted of P Raghavendra Rao, additional chief secretary (finance and planning), Basant Bansal, chairman of the M3M institution, and Niranjan Hiranandani, co-founder and MD, Hiranandani group.
Affordable property in Gurgaon, has always been a topic of discussion and Government has time again taken steps in order to make this more real. The recent development of waving off of the stamp duty will surely give a huge boost to this sector.