In a meeting that took place on Friday for recommendation on the Budget of 2022-23, Credai-Rajasthan a Leading real estate industry body urged the government to reorganize the stamp duty structure.
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“The continuous rise in the DLC rates and high stamp duty has resulted in the rise of property prices,” said Dhirendra Madan, President of Credai-Rajasthan.
Madan also stated “Almost all the real estate developers buy land to mass build housing units to be sold to potential buyers. But the continuous increase in the prices of raw materials has made it very hard to decrease the price for the buyers. That’s why we want the government to lower the stamp duty and registration prices to 50%”.
Including surcharge, the stamp duty charged on housing is among the highest in the country at 8.80%. The affordability of housing for the common people is being affected by the continuous rise in the DLC rates.
In a statement made by Rajendra Singh Panchar, the anomaly in the stamp duty on the warehouses was also brought to light. Warehouses are supposed to be permitted as MSME industrial units by UDH as they are governed under the Rajasthan Investment Promotion Scheme-2019. But they are charged as Industrial units when it comes to stamp duty which attracts higher taxes.
According to a mechanism proposed by Panchar to allow the laborers to stay and work “Government can provide land on concessional rates to the agencies which can build facilities for the laborers which will follow a rental system at an affordable rate.” Madan also said that there is no reason to ask the people residing in the societies for an upfront payment of developmental fee on a sq. ft basis rather they should be charged a monthly fee like every common household.
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