Karnataka state minister announces a reduction on stamp duty by 3%.

Stamp duty on new apartments or flats with costs below Rs 20 lakh would be lowered to 2% from 5%, as of April 1, to encourage affordable housing, as announced by the state Chief Minister B.S. Yediyurappa on March 5.

“I propose that the stamp duty on the first time registration of new flats or apartments that cost less than Rs 20 lakh will be 2% from 5%,” Yediyurappa said while presenting the state budget for the subsequent fiscal year 2020-21 here at the legislative assembly.

The department of state revenue has raised Rs 10,248 crore until February, which is 87% of the annual target of Rs 11,828 crore set a year ago for fiscal 2019-20. The target for fiscal 2020-21 revenue collection is fixed at Rs 12,655 crore.

“As online registration of bank and NBFC (Non-banking financial companies) loan documents are being made accessible through national e-Governance Service Ltd, stamp duty can be paid electronically from the new fiscal,” Yediyurappa told legislators in the House.

The stamps and registration department’s Kaveri applications will be incorporated with the state urban development department’s (property) application e-Aasthi.

“Kaveri-2 software application will be created for the registration of immovable property documents in the new fiscal,” the chief minister added.