CHENNAI: The Chennai chapter of the Confederation of Real Estate Developers’ Associations of India (Credai) on Friday asked the state government to cut stamp duty to 5% from the current 8%.
Credai, Chennai, president Suresh Krishn said Tamil Nadu has among the highest rates of stamp duty in the country. Stamp duty is 7% on the market value of the property in Tamil Nadu and the government levies an extra 1% as registration fee.
Speaking about the impact of GST on the sector, he said the indirect merger of various taxes under the scheme is likely to result in property prices rising by between 2% and 3%.
Credai, Chennai, will organise a home loan mela at three locations in the city, Anna Nagar, T Nagar and Velachery on January 28 and 29 prior to Fairpro 2017.
The industry body will hold mega property event Fairpro 2017, in which 80 developers will participate, from February 10 through 12.
Credits ET Realty