In Karnataka recently stamp duty had been reduced from 6% to 5% on sale deeds. The registration charge of 1% , however, remains.
The stamp duty reduction translates into savings of Rs. 25,000 on a Rs 25 lakh property.
Reducing the stamp duty will make the product more affordable especially in today's high inflationary scenario. The move is in line with the JNNURM ( Jawaharlal Nehru National Urban Renewal Mission) directive to state governments to maintain uniformity in stamp duty.
The budget has also reduced stamp duty from 6% to 1% (subject to a maximum of Rs. 15 lakh) on the market value of the property in respect to joint development agreements and power of attorney.
The stamp duty reduction translates into savings of Rs. 25,000 on a Rs 25 lakh property.
Reducing the stamp duty will make the product more affordable especially in today's high inflationary scenario. The move is in line with the JNNURM ( Jawaharlal Nehru National Urban Renewal Mission) directive to state governments to maintain uniformity in stamp duty.
The budget has also reduced stamp duty from 6% to 1% (subject to a maximum of Rs. 15 lakh) on the market value of the property in respect to joint development agreements and power of attorney.
