BEGALURU: Aimed at giving a boost to affordable housing, the Karnataka government on Tuesday decided to slash the stamp duty on new apartments costing up to Rs 35 lakh.
The decision was taken during a meeting chaired by Chief Minister B S Yediyurappa to review the progress of the Stamps & Registration department.
The Chief Minister directed that the stamp duty be cut from the existing five per cent to two per cent on apartments costing less than Rs 20 lakh, getting registered for the first time, his office said in a statement.
Further, the stamp duty on apartments costing between Rs 21 lakh - Rs 35 lakh will be down from five per cent to three per cent, it said.
It is estimated that in 2020-21 due to COVID-19 induced lockdown, Stamps and Registration department might fall short of its revenue target by Rs 3,524 crore. The revenue target for 2020-21 is Rs 12,655 crore.