When the homebuyers are already excelling on the implementation of RERA act by May 1 and rejoicing on its optimistic note, another anticipation of the abolition of stamp duty on affordable homes have made them exult yet more.
After M Venkaiah Naidu, the union minister for Urban Development and Housing, had asked the State Government for letting affordable houses off stamp duty, the Confederation of Real Estate Developers’ Associations of India (CREDAI) has been ensured about the fact that there would be no net tax acceleration in the real estate industry, especially for the reasonable homes.
Affordable housing is now expected to let off the hook which comes around 5.35% of a property’s selling price. With the housing ministry stating the need for the exemption under GST, the finance ministry has also agreed with the rate which goes neutral with the revenue, not the one that exceeds the same.
However, although there is a number of confusions and debates around, still the exclusion of stamp duty that is managed by the State Government is believed to be a great help for the entire industry. The state ministry is about to introspect into the necessary yardsticks and put aside legacy issues to ensure the culture of integrity and transparency.