In a bid to boost the real estate across the state, the Punjab may soon bring down the collector rate and stamp duty. During a meeting of Council of Ministers (CoM) in-principle, the decision on lowering the collector rate or rationalizing circle and stamp duty on the registration of the property located in the urban areas were taken.
Punjab lowers the collector rate & stamp duty on real estate
At the Cabinet meeting, Punjab’s Chief Minister, Captain Amarinder Singh proposed on reducing the circle/collectorate rates across the state. He has even directed the deputy commissioners to come up with new circle/ collector rates in the next Cabinet meeting. In fact, Navjot Singh Sidhu, the minister for local bodies is also working in this regard to lower down the collector rate in the Punjab state and will submit his proposal on the same in the next cabinet meeting.
Why reducing stamp duty in Punjab
Punjab is one such state in India which is fast developing and a large number of people including local, outsiders or even NRIs are investing in its real estate. Now to tap other investors who wish to spend on real estate in Punjab but couldn’t do so due to monetary constraint can rethink of buying a land, house or any commercial property. Also to enhance the real estate scenario in the state, the Punjab government’s Cabinet has also brought down the stamp duty from 9 per cent to 6 per cent on the registration of property anywhere in the urban areas of Punjab till March 31, 2018. Apart from this, the Cabinet has decided to waive off the additional stamp duty of 3 per cent which was charged till date as Social Security Fund till March 2018.
More on Punjab’s real estate
The Cabinet has also exempted the 10 per cent increase in Change of Land Use (CLU), License Fee (LF)/Permission Fee and External Development Charges (EDC) till March 31, 2020 across all real estate projects in Punjab. A new Marriage Palace Policy has been passed to regularize the unauthorized marriage palaces in Punjab.
We hope that this scheme of the Punjab government will surely boost the real estate sector in the state and will invite more and more investors from all across the world.