Bengaluru: In a big relief to the real estate sector, the state government has slashed down the stamp duty on first time flat registration.
As per the decision, stamp duty of the flats below Rs.20 lakhs has been brought down from 5% to 2%, while it has brought down the duty from 5% to 3% on flats between Rs.21 lakhs and 35 lakhs.
“This will be applicable even for sites,” added an officer from the reveue department.
“Rs.3,425 stamp duty revenue loss is expected this year due to the Covid 19,” he added.
According to R Ashok, revenue minister, CM BS Yediyurappa has permitted this reduction.
“The real estate sector is witnessing unprecedented dip in business now due to the Covid 19. The state government is committed to protecting the interests of both buyers and developers,” he said.
