Punjab Budget 2017-18: A house to the houseless in the state. To revive and boost the real estate sector and provide a house to the houseless in the state, has already taken a number of initiatives.
The fees charged for transfer of ownership of plots/houses has been reduced from 2.5% to 2%.
Over a year’s moratorium has been allowed on payment of 574.40 crore recoverable from the promoters of colonies in the state as External Development Charges (EDC). The annual increase in various charges has also been deferred for 3 years.
As a major step to boost this sector, I propose to reduce the stamp duty on registration of property in urban areas by a massive 3% from the existing 9% to 6%.This measure will remain in place till 31-3-2018 and will be reviewed thereafter based on its impact on the sector.
Our Government will take up the development of new residential urban estates and industrial estates at various places in the state, including Hoshiarpur, Jalandhar, Amritsar and Ludhiana, even as it expedites ongoing projects.
An amount of `2020 crore will be spent on various development works in the state including OUVGL works and development of Urban Estates by the PUDA & other development authorities
For more news updates Follow and Like us on Facebook