Administration approves 50% remission for stamp duty

Context:

• In a major policy decision move, the administrative council (AC), which met under the chairmanship of Lieutenant Governor of Jammu and Kashmir, approved the remission of fifty percent (50%) stamp duty for all first time buyers of real estate in the housing sector.
• The said remission will stay in place for a period of two years.

Key Points:

• The decision is aimed at giving a boost to the real-estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market.
• It is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable.
• The administrative council also asked the Housing and Urban Development Department to work out the modalities for smooth implementation of the decision at the earliest.
• Earlier, in line with its commitment to attract investment, promote infusion of technology, and create employment opportunities in the real estate sector, the Government hosted the first-ever Real Estate Summit in Jammu and Kashmir.
• In another important decision to promote women entrepreneurs in Jammu and Kashmir, the administrative council (AC) declared the Industrial Estate at Seen Thakran, Udhampur as women industrial estate.
• This is a first-of-its-kind decision taken by the Administrative Council under which the Industrial Estate at village Seen Thakran in Udhampur will be reserved for women entrepreneurs and women-led industries.
• The decision will benefit women entrepreneurs and industrialists as any business enterprise having a minimum of 51% stake held by a woman entrepreneur shall qualify to apply for allotment in reserved Industrial Estate.
• Moreover, under the new J&K Industrial Land Allotment Policy, the eligible women entrepreneurs will be allotted suitable parcels of land through a transparent single-window mechanism in a time-bound manner.
• Further administrative council (AC) also accorded administrative approval to the construction works for women battalions at Sopore, Baramulla and Pargalta, Jammu.
• The construction works will be carried out at an estimated cost of Rs. 50 crore each and will include administration blocks, residential accommodations and hostels, and office buildings among others.