Reduce stamp duty for affordable housing: Naidu

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NEW DELHI: Union Minister M Venkaiah Naidu has said that the Urban Development ministry requests states to reduce stamp duty for affordable housing.

He added that the ministry has written to states government to reduce the stamp duty as it is adding to the burden with a new Real Estate Regulation Bill where the rules are almost ready and will be announced soon.

Naidu was inaugurating a national summit on ‘Finance for Housing for All,’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in New Delhi. He further pointed out that the slum clearance is one of important aspect which is yet to pick up in the country and area of concern as lots of people are coming from rural to urban area and living in slums.

“The government is continuously engaging itself with different parties not only with Congress party but possibly each and every party. At the end of the day, we want to get GST passage through consensus. The biggest beneficiaries of the GST will be states. The signals I am getting from all sides is positive. I hope the GST Bill will be passed during this session itself,” Naidu said.

Hoping that the real estate sector will pick up pretty soon, the minister interest subsidy will be extended even to private sector players provided if they select beneficiaries through the state agencies.

The World Bank and ADB are also showing interest in this affordable segment of the housing and will sure it will pick up in coming future, he revealed.

Source: http://www.newindianexpress.com/business/news/Reduce-stamp-duty-for-affordable-housing-Naidu/2016/07/21/article3539765.ece

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