Another reason to rejoice and own a home in India’s most livable city i.e. Bangalore is that the homebuyers will now get a discount on stamp duty during 2021-22. The government of Karnataka has reduced the stamp duty from 5% to 3% for affordable segment apartments that are priced between Rs 35 – 45 lakh. This cut in stamp duty is valid for a period of one year. The State government is looking to boost affordable housing sales in Karnataka where Bangalore is the largest real estate market.
Bangalore, undoubtedly, offers best-in-class civic amenities to residents and is also the most flourishing IT hub in the country. The weather of Bangalore is also a prominent reason for people to make this city their abode. Working professionals, who come to Bangalore, can now avail this opportunity as most of the market scenario favors the buyers such as low home loan interest rates, availability of properties, offers by the developers, and now reduction in the stamp duty.
Experts believe that move will encourage homebuyers to own a home in India’s most livable city, especially who were willing to delay their decision to buy a house due to uncertainty infused by the pandemic. The reduction of stamp duty in Karnataka is also expected to follow the trend in Maharashtra where sales picked up after cut in Stamp duty. The announcement will also improve the sentiments in housing sector of the State. The state stamps and registrations department of Karnataka had collected Rs 9,014-crore from stamps and registrations till February from across the state as against the annual target of Rs 12,655 crore for the upcoming fiscal (2021-22).
As per the estimates by Anarock Research, the city of Bangalore alone has about 59,350 unsold inventories in affordable segment, out of which 24% are priced below Rs 45 lakhs. The current incentive by the State government will help developers to clear the unsold housing stock.
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There are some good housing projects available in Bangalore under affordable price segment of Rs 35-45 lakhs.
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