K'taka trade body urges CM to handhold real estate sector

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SME Times News Bureau | 03 Aug, 2020
State trade body, Federation of Karnataka Chambers of Commerce and Industry (FKCCI), has appealed to Chief Minister B.S. Yediyurappa to handhold the real estate industry battered in Covid pandemic and asked for a uniform stamp duty for properties costing above Rs 35 lakh, an official said on Saturday.

"To boost the real estate sentiment, the central government has already announced relief measures and the state government also should handhold the real estate sector in this time of crisis," said FKCCI President C.R. Janardhana.

He asked Yediyurappa to slash the stamp duty for properties priced above Rs 35 lakh also to 3 per cent, matching the duty levied on properties costing between Rs 21 to 35 lakh.

Janardhana said properties above Rs 35 lakh are currently being levied a stamp duty of 5 per cent which he is asking to be reduced to 3 per cent to create a uniform rate.

"The real estate sector is contributing significantly to the state's economy. Under these circumstances, the sector and buyers need support. A slight reduction in the stamp duty will promote the property buying activities," he observed.

Janardhana said the reduced stamp duty will benefit the middle class and give a shot in the arm to the real estate sector.

He said all properties above Rs 21 lakh should have a uniform stamp duty of 3 per cent.