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Union minister for housing and urban affairs Hardeep Singh Puri said India may see a behavioural change in urban mobility.pti (MINT_PRINT)
Union minister for housing and urban affairs Hardeep Singh Puri said India may see a behavioural change in urban mobility.pti (MINT_PRINT)

Govt encourages states to consider reducing stamp duty, says Puri

  • Maharashtra and Karnataka governments have cut stamp duty on transactions of immovable properties to boost sales
  • The minister also said that he would push for extending the deadline for Credit Linked Subsidy Scheme (CLSS) for middle income group

The central government will encourage the states to reduce stamp duty, said housing and urban affairs minister Hardeep Singh Puri. He was speaking at the virtual conference organised by realtors' body NAREDCO and Asia Pacific Real Estate Association (APREA).

Maharashtra and Karnataka governments have cut stamp duty on transactions of immovable properties to boost sales. Initial estimate suggest that there has been good response to the move, he noted.

The sales registrations in Maharashtra for September 2020 has surpassed pre-COVID-19 level and recorded highest registration for the calendar year at 1,19,834, the minister said.

Further, Puri added that he would write another letter to chief ministers and give a "renewed push", citing the experience of Maharashtra.

On delays in environmental clearances, Puri asked builders to share the exact problem and that he would write a letter to the union environment minister if it relates to the central government.

The minister also said that he would push for extending the deadline for Credit Linked Subsidy Scheme (CLSS) for middle income group. It is currently valid till March 2021.

On the demand for allowing financial institutions to set up stress fund, Puri said, "it is a great idea and I am wiling to make recommendations".

The central government would ask other financial institutes to open up the financing avenues on the lines of SWAMIH Fund to provide priority debt financing for the completion of stalled housing projects, said Hardeep Singh Puri.

Niranjan Hiranandani, national president NAREDCO, said, “We need a housing revolution to bring the real estate sector on a growth mode. The reforms the Government has started to support the real estate sector shall continue to make urban living sustainable."

Rajan Bandelkar, vice chairman, NAREDCO West said, “With the support of the Government and the financial institutions, the real estate sector would soon be able to bridge – up the liquidity deficit and deliver the bankable projects. The foreign funding will increase significantly across asset-classes in the next year."

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