Giving a major respite to property buyers from the weaker section, the state government has reduced the stamp duty rates to Rs 1000 for beneficiaries of Pradhan Mantri Awas Yojana (PMAY). While the real estate market is still recovering from the hit, potential buyers have now a reason to cheer up since they can escape high price of stamp duty registration.
The stamp duty amount is decided as 5% of the ready reckoner rates.The final amount is calculated on the basis of the agreement value, or the ready reckoner rates decided by the state government, whichever is higher. This amount commonly starts from Rs 50, 000.
The benefit of the stamp duty registration will only be availed by the Economically Weaker Section and Lower Income Group.
Area for the allotment of residential premises for these two sections will have to be upto 30 Square Metre and 60 Square Metre for EWS and LIG. Buyers are qualified for the above two sections according to their income upto Rs 50,000. This means that flats admeasuring 322 and 645 square feet that fall under the PMAY scheme will be the beneficiaries and apt for Rs 1000 stamp duty registration.
The household income of the beneficiaries of the PMAY scheme should fall under the weaker section’s category, and the affordable unit on sale will be between 30 square metre. and 60 square metre. A subsidy of Rs 2.5 lakh for each EWS buyer will be jointly shared by the Centre and State.