Central calls for stamp duty reduction to boost affordable housing

With an aim to boost the affordable housing in the country, the Union Government has urged all the states to slash the stamp duty charges on property registrations for poor people. Speaking at the Assocham's'Finance for Housing for All' event, Venkaiah Naidu. Union Minister for Urban Development. shared that a letter for the same has been sent to all the Chief Ministers of the states for reducing the stamp duty.

The charges are as high as 10 per cent in some states which adds to the burden on the affordable housing home buyers. While some of them have already agreed. others are expected to follow suit soon. Earlier, the stamp duties were charged for maintaining the records, however, now it has become a revenue source.

The 'Pradhan Mantri Awas Yojana' or affordable housing scheme for the urban poor will be executed in about 2,508 cities across 26 states. Naidu further added that the government is taking various initiatives to promote ‘Housing for All’ such as modernising and digitising the land record, single window clearance, online submissions and approvals within 60 days. These will help in ensuring transparency and accountability to curb corruption, harassment, delays and huge cost borne by end-users.

He also shared that with the passing of the ’Real Estate (Regulation and Development) Bill', the states will now be required to set up regulators within one year. This will further provide impetus to the ‘Housing for All' initiative.

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