Government must extend stamp duty rebate

Aurangabad, April 2:

The construction sector was affected due to corona. Hence the state government offered a rebate in stamp duty till March 31, 2021, so that the construction sector could get a booster and also give people some concession for buying houses. The builders were demanding an extension for the scheme. But since the state government has not extended the waiver, there will be no relief for home buyers. This will have an impact on the number of people buying homes again, said CREDAI president Narendra Singh Jabinda.

The coronavirus had caused a crisis in the construction sector. In order to alleviate this crisis and to get the construction sector back on track and to provide relief to the citizens in buying a house, a three per cent discount was given in the prevailing rates in stamp duty from September 1 to December 31. The stamp duty was reduced again by 2 per cent between January 1 and March 31. This resulted in a boom in the construction sector. Home purchases had increased by 25 to 30 per cent in the district. The builders had also demanded that the concession in stamp duty should be maintained even after March 31. But the state government denied giving an extension to the scheme. Jabinda said the discontinuation of the scheme will now affect the home purchase. Also many were coming forward to buy a house. Hence the government should continue with the rebate. The builders said that customers would now have to pay a total stamp duty of 6 per cent and 1 per cent for registration.