Karnataka Budget: CM B S Yediyurappa announces reduction in stamp duty for flats

Chief Minister B S Yediyurappa on Monday announced a 2% cut in stamp duty for flats priced between Rs 35 lakh and Rs 45 lakh.

“To promote affordable housing, the stamp duty for first-time registration of apartments valued between Rs 35 lakh and Rs 45 lakh is proposed to be reduced to 3% from 5%,” Yediyurappa said in his Budget speech.

This was in addition to the government’s decision to slash stamp duty on new apartments that cost up to Rs 35 lakh, in the last fiscal. In the announcement, the stamp duty for apartments costing below Rs 20 lakh was reduced to 2% from 5% last year.

Also read: Karnataka Chief Minister B S Yediyurappa presents 'no pain, no gain' Budget

Similarly, stamp duty for apartments costing between Rs 20 lakh and Rs 35 lakh was reduced to 3% from 5%.

With the new Budget announcement, stamp duty for houses costing above Rs 20 lakh but below Rs 45 lakh will be 3%.

Yediyurappa also promised to “start and complete” houses approved in the last several years under various government housing schemes. “In this regard, after coming to the power, our government has given approval for Rs 10,194 crore for the next three years in order to complete 9.74 lakh houses,” he said.