Incentive for first time buyers of real estate

Jammu, Apr 11: Prolonged wait for all those, seeking to avail remission of 50 percent stamp duty as the first time buyers of real estate in the housing sector in the Union Territory, is about to end as the J&K Housing and Urban Development Department (HUDD) has formulated modalities for its implementation.

The Department has submitted the modalities to the Finance Department for approval and notification.

   

“Yes, modalities on this account have been worked out and sent to the Finance Department for notification,” stated Principal Secretary HUDD Dheeraj Gupta, while speaking to Greater Kashmir.

He stated that the notification would be out very shortly. “Modalities will be notified very shortly by the Finance Department. It may notify the same in a day or two,” Gupta added.

To boost real time investment, the J&K government had recently announced a lucrative rebate vis-a-vis stamp duty. The Administrative Council led by the Lieutenant Governor Manoj Sinha, in its decision on February 25, had approved the remission of 50 percent stamp duty for all first time buyers of real estate in the housing sector for a period of two years.

“The decision was aimed at giving a boost to the real-estate sector in J&K and motivating the new buyers to participate in the market. It was also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable,” official sources had stated.

In this connection, the Administrative Council had directed the HUDD to frame modalities at the earliest to ensure smooth implementation of its decision.

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