The Delhi Government came forward last Friday with a reprieve for potential home buyers by reducing stamp duty on all property purchases. Stamp duty rates have been reduced by 2% for both men and women buyers.
Men registering property in their name will have to pay 6% instead of 8%
stamp duty on the property they purchase, and women will pay only 4% as against
the 6% paid earlier.
The new policy has to undergo one more process of notification before it
is implemented. The State Finance Ministry will put up the proposal to the
state cabinet, which will forward the same to the state assembly.
With the
Lieutenant Governor’s approval, the new rates will be notified.
The state government and the Municipal Corporation of Delhi and the NDMC will share the stamp duty to the extent of 3% and 2% for men and women respectively, but this would not impact the state exchequer, as circle rates in any case have been increased.
The move is integral to the Centre’s urban policy of allowing the state government to benefit from funds from the Jawaharlal Nehru National Urban Renewal Mission to beef up infrastructure.
The new reforms are part of the larger objective of bringing transparency
in real estate Delhi market.
