Construction Industry News
The real estate sector, which had placed high expectations on the budget for the sector's recovery after the pandemic, caused mixed reactions after Prime Minister Ashok Gehlot's speech on Wednesday.
The developers are pleased that a statement to extend the 2% stamp duty discount for units in multi-storey projects below 50 lakh until March 31, 2023 has been budgeted. Former chairman, CREDAI, Gopal Das Gupta, told media that the easing has been extended for the year. More people will benefit from the decision as they have put off buying the homes during a pandemic.
The decision to lower the District Lease Commission (DLC) rates for larger lots has been welcomed by the developers. According to the record, the government has announced a 5% drop in DLC rates on lots from 1,000 sqm to 2,000 sqm. Likewise, 10% DLC rates will be reduced on 2,000sqm to 3,000sqm lots. Above 3,000 m², a 15% reduction will be passed on to the developers.
Rajendra Singh Pachar, secretary of CREDAI-Rajasthan, told media it will lower land prices in the state and benefit developers and consumers. President, CREDAI-Rajasthan, Dhirendra Madan, appreciates the introduction of Amnesty Scheme 2022 in the budget, allowing 100% discount on interest and penalty and 50% discount on stamp duty until September 30, 2022. But Madan is considering the reduction of stamp duty duty would have given the industry more push.
They urged the government to lower stamp duties and scrap surcharges. Currently there is a 30% surcharge on the stamp duty.
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