Jaipur: The finance department on Friday extended the stamp duty relaxation for flats in multi-storey buildings up to the end of March 2022. The relaxation was to expire by the December-end 2021.
The relaxation will apply to flats in multi-storey building having more than four floors costing below Rs 50 lakh. The payable stamp duty will be at 4% instead of 6%.
“The stamp duty chargeable on the conveyance deed relating to a flat or residential unit, market value of which does not exceed rupees fifty lakh, in a multi-storey building exceeding four floors shall be reduced and charged at the rate of four percent, if such conveyance deed is executed and presented for registration up to 31.03.2022,” the order said.
Property developers had recently met the finance secretary with recommendations for the 2022-23 budget. During the meeting, they had urged the government to continue the relaxation for the buyers which in turn would create demand. Stamp duty in Rajasthan is one of the highest in the country. After surcharges, the 6% stamp duty comes to around 8.80% of the property value.
The relaxation will apply to flats in multi-storey building having more than four floors costing below Rs 50 lakh. The payable stamp duty will be at 4% instead of 6%.
“The stamp duty chargeable on the conveyance deed relating to a flat or residential unit, market value of which does not exceed rupees fifty lakh, in a multi-storey building exceeding four floors shall be reduced and charged at the rate of four percent, if such conveyance deed is executed and presented for registration up to 31.03.2022,” the order said.
Property developers had recently met the finance secretary with recommendations for the 2022-23 budget. During the meeting, they had urged the government to continue the relaxation for the buyers which in turn would create demand. Stamp duty in Rajasthan is one of the highest in the country. After surcharges, the 6% stamp duty comes to around 8.80% of the property value.
