Karnataka government cuts stamp duty on registration of low-cost apartments

Thursday, 22 Jul, 9.45 pm

The Karnataka Cabinet on Thursday decided to slash stamp duty on registration of apartments that cost Rs 35-45 lakh from 5 per cent to 3 per cent, providing relief to home buyers looking for affordability.

This will be applicable for the first registration of these apartments.

There is also a proposal for upward revision of guidance value. "This will be examined by the specific committee constituted for it," Law Minister Basavaraj Bommai said, briefing reporters.

The Cabinet also approved the construction of four lakh houses in rural areas under various schemes including Basava Housing Scheme, Dr BR Ambedkar Housing Scheme and Devaraj Urs Housing Scheme and one lakh houses in urban areas under Vajapayee City Scheme and BR Ambedkar Housing Scheme (Urban).