Chief Minister Shivraj Singh Chauhan made a major declaration on Monday evening. Diminished duty fee on the property for sale and purchase in urban zones by 2%. Prior 3% was charged on stamp obligation, yet now just 1% will be charged. This offer will proceed with just in urban regions till 31 December 2020. This decision will make the registry cheaper. The cost of buying new homes will also be less.
After this, presently you will set aside to 2 thousand rupees legitimately on purchasing or selling property of one lakh rupees. In any case, its advantages will be accessible just in urban areas. The government gave a big relief to the real estate sector from the Corona crisis, now individuals will have to pay 80 thousand rupees on the registry of a house of 40 lakh rupees.
CM Shivraj Singh, said that monetary exercises had ended under the circumstances of COVID-19. Due to this the economic condition of the individuals has deteriorated. Each individual has a dream of his home. Due to this 2% deduction, individuals will show their interest to purchase property. Business exercises in the real estate segment will increment in the state. This concession will stay in force till 31 December 2020.
Cess is charged by urban bodies so the rural areas will not get benefitted due to the latest decision of the state government, With the latest decision of the state government, the cost of the registry will be reduced by 2% in the urban areas of Madhya Pradesh. For the past one year, Rs 5 lakh was spent on the registry of a house of 40 lakh rupees. Now it will be reduced to 4.20 lakh rupees, which means that the property buyer will save 80 thousand rupees. There is no exemption for those who will buy or sell properties in rural areas.
Madhya Pradesh used to pay Rs. 12,500, presently it will cost Rs. 10,500. Senior District Registrar Bhopal Prabhakar Chaturvedi said that enlistment of property worth Rs 1 lakh involves a 9.5% stamp obligation and a 3% expense. At the present time, we need to pay Rs. 12,500. After the declaration by CM Shivraj Singh, presently the stamp obligation will be diminished from 9.5% to 7.5%. In such a case, there will be a reserve fund of 2 thousand rupees legitimately on one lakh rupees. Presently it will be 10500 rupees. Urban areas will be benefited from this.
At the present time expenses are charged in the vault this way,
• Stamp obligation: 5%.
• Municipal Duty Fee: 3%
• District Duty: 1%.
• Cess Charge: 0.5%
• Registration Fee: 3%
The stamp obligation was expanded by 2% every year back, the stamp obligation was expanded by 2.2%
A year ago. The previous stamp obligation was 10.3%, which was expanded to 12.5%. The new rates happened from July 1, 2019.
Real estate business will accelerate: During the Chief Minister’s announcement, the Chief Minister said that the economic activity has been affected due to the lockdown during the Corona period. It has also had the opposite effect on real estate. All efforts will be made to increase economic activity and bring a boom in the real estate sector. With this decision, people will be able to buy their house easily, the business will get faster and real estate will gain momentum.
Written By – Mukund Kumar Pandey