Stamp duty exemptions for buyers in high-rise buildings have been extended until September 30.

Jaipur- In response to developer requests, the state government has decided to prolong the stamp duty exemption for three months, until September. Despite the fact that the Confederation of Real Estate Developers Associations of India (CREDAI) had written to the finance ministry requesting that the stamp duty exemption be extended until March 2022, the department only gave relief till September.

During the budget, the state government announced a reduction in stamp duty on multi-story housing units from 6% to 4% until June 30, 2021. Buyers of flats priced up to Rs 50 lakh were eligible for the advantages. The developers wanted the extension as the real estate business failed to realize the benefits of relaxation after tough guidelines were established during the second wave.

Rajasthan CREDAI Chairman Gopal Prasad Gupta stated, “To assist developers, the state government could take the Maharashtra model, where stamp duty reduction is granted to all plots.” The timeframe is too small, and people will not take advantage of this extension.”

Following the first lockdown, both consumers and the real estate business suffered a setback when stamp duty was raised from 5% to 6%. In addition, with a 1% registration charge and a 30% additional tax, the total stamp duty had risen to 8.8 per cent.

Despite the fact that the relaxations were announced in February, the limits imposed during the second wave put a spoke in the wheel of the real estate market. “Due to the second wave, not many people were able to close the deal. Many clients who had intended to buy a flat worth up to Rs 50 lakh put their plans on hold,” said Ankur Sharma, a developer.

In response to CREDAI’s request, the Rajasthan Real Estate Regulatory Authority (RERA) extended the deadline for developers to submit Quarterly Progress Reports (QRPS) for their registered projects by one month.

The authority stated in the most recent directives that the deadline for submitting QRPs for all previous quarters, as well as those ending on March 31, 2021, had been extended to June 30, 2021, with no delay in processing charges or penalties. This period has now been extended until July 31, 2021.