Karnataka under pressure to follow Maharashtra in stamp duty cuts
The Credai has been exerting pressure on all states to cut both stamp duty and circle rates to lift buying sentiment.
Synopsis
Maharashtra levies a duty of 5% in urban areas and 4% in rural areas. It has cut the same by 3% for transactions up to December 31, and by 2% for transactions between January 1 and March 31 next year, to encourage homebuyers to close deals fast, taking benefits of duty cuts.
BENGALURU: Karnataka has come under pressure from the real estate sector to cut stamp duty on property transactions, taking a cue from the neighbouring Maharashtra which has temporarily slashed the duty since September 1 to revive the sluggish property market.Maharashtra levies a duty of 5% in urban areas and 4% in rural areas. It has cut the same by 3% for transactions up to December 31, and by 2% for transactions between January 1 and March 31
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