Bengaluru, May 27: Aimed at giving a boost to affordable housing, the Karnataka government on Tuesday decided to slash the stamp duty on new apartments costing up to ₹35 lakh.
The decision was taken during a meeting chaired by Chief Minister B S Yediyurappa to review the progress of the Stamps & Registration department.
The Chief Minister directed that the stamp duty be cut from the existing five per cent to two per cent on apartments costing less than ₹20 lakh, getting registered for the first time, his office said in a statement.
Further, the stamp duty on apartments costing between ₹21 lakh - ₹35 lakh will be down from five per cent to three per cent, it said. It is estimated that in 2020-21 due to COVID-19 induced lockdown, Stamps and Registration department might fall short of its revenue target by ₹3,524 crore. The revenue target for 2020-21 is ₹12,655 crore.
Flats costing up to Rs 35 lakh to be cheaper in Karnataka as govt cuts stamp duty