The first-time buyers of real estate in the housing sector in Jammu and Kashmir will get 50 per cent remission in stamp duty for a period of two years, an official said. The Administrative Council (AC), which met under the chairmanship of Lieutenant Governor Manoj Sinha approved the remission, an official spokesman said.
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, he said.
The remission is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable, the spokesman said.
The AC also asked the housing and urban development department to work out the modalities for smooth implementation of the decision at the earliest, the spokesman said.
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 J&K, wherein several promoters in residential, retail, commercial space, film & entertainment industry, tourism & hospitality, logistics & warehousing, and financing institutions, participated, and shared their wisdom for the collective vision of the growth of the sector in Jammu & Kashmir.
