Administration approves 50% remission for stamp duty

Published on: 27-Feb-22
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Jammu and kashmir Economy Add to Study Deck

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.