Centre asks states to reduce stamp duty on property registration

File Photo: Urban Development Minister M Venkaiah Naidu.File Photo: Urban Development Minister M Venkaiah Naidu.

Urban Development Minister M Venkaiah Naidu has said, government is making all efforts to boost the Housing Finance Sector to ensure that the goal of affordable Housing for all by 2022 is met.

Addressing a national summit on finance for Housing for all in New Delhi today, Mr Naidu said, it is the priority of his Ministry to provide access to safe and affordable housing to all countrymen.

He added that the Housing for All Mission supports construction of houses upto 30 square meter carpet area with basic civic infrastructure by giving a subsidy on interest rates.

The Minister said, area restriction of 30 square meter has also been relaxed to give flexibility to state governments to plan for good houses.

Real-Estate-Bill-RegulatorTo encourage private investment for construction of housing for poor, Mr Naidu said that government is giving a number of financial incentives such as Service Tax Exemption on houses up to 60 square metres.

He said, it include PPP projects and 100 per cent deduction on profits allowed for affordable housing projects. Mr Naidu said, the Centre has asked the states to reduce stamp duty to facilitate housing for all schemes.

The Minister said, he has written letters to the state governments regarding reduction in the stamp duty as it will be a burden on the people. He said, the states have responded positively on the issue.

Mr Naidu expressed confidence that the real estate sector will pick up as the country’s economy is picking up. He also said, the World Bank and Asian Development Bank have also shown interest in the affordable housing scheme.

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