In a bid to fulfill the dreams of thousands of homebuyers, the Tamil Nadu Government has decided to cut the stamp duty charges on the residential units in the state. To do this, the state government has formulated the Urban Housing and Habitat Policy (UHHP).
According to the senior government officials, the reduction on stamp duty will be done under this policy. Earlier the stamp duty on the housing units was 11% but now it will be lowered down to 7%. With this, the property rates will get down across state and now it will easily be approachable for affordable and mid-segment homebuyers.
Elaborating more on the above, a senior official said, “This move will also give impetus to the Government initiative of Affordable Housing and Housing for all by 2022. The UHHP also recommended providing price exemptions on properties which are either jointly registered with female spouse or independently owned by women,”
It further stated that the government has also revised the guideline value (GV) by 33 percent. However, it has hiked the property registration fee by three percent.
The Urban Housing and Habitat Policy also suggested implementation of the geographic information system (GIS) so as to maintain ownership details, spatial configuration, and infrastructural aspects of a property. The information gathered through GIS mapping will be restored in a land bank that will be owned by both the State and Central Governments. These land parcels will be used in the development of affordable housing in various cities of the state.
To improve infrastructure facilities as well as to balance gap between the demand and supply of residential units, the government officials has proposed various measures. Some of them include cutting down the property price, extension of rental housing provisions to tenants, setting up limit for home loans and finance and lastly increasing supply of land for the development of units.