The Jammu and Kashmir administration on Thursday issued the formal order for 50 percent remission in stamp duty for first-time buyers of real estate in the housing sector in the union territory.
On February 25, the Administrative Council (AC), which had met under the chairmanship of Lieutenant Governor Manoj Sinha, had approved the remission in stamp duty for first-time property buyers.
“In exercise of power conferred by stamps act, the government hereby directs that there shall be remission of fifty percent (50) of duty chargeable under the said act for the first time buyers or lessees on purchase or lease of more than 20 years of immovable residential property or apartment or house or a residential plot from any agency of government, or development authority of from developer of project approved by RERA,” said a notification issued by Additional Chief Secretary, Finance, Atal Dulloo.
The Housing and Urban Development Department shall designate a nodal agency which shall be responsible for collection of Adhaar-based data of first-time buyers of above properties, it said.
However, It is subject to the condition that the value of the property does not exceed Rs 1 crore, the notification said.
The fresh directive will come into effect from April 21 and remain in force till March 2024.
The decision is aimed at giving a boost to the real estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market, officials said.
The remission is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable, they said.PTI
