Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Monday said his government has decided to reduce the cess on stamp duty charged for registration of property to one percent from the current three percent in urban areas.
This has been done to boost growth of the real estate sector in the state, Chouhan said in a video statement.
"During the coronavirus-induced lockdown, economic activities came to a halt. This adversely affected the real estate sector. Financial capabilities of people were limited and sale and purchase of properties was also affected," he pointed out.
In a bid to boost growth of the real estate sector, the state government has now decided to reduce the cess on stamp duty for registration of a propertys sale and purchase from the current three per cent to one per cent in the urban areas, the chief minister said.
He said the relief will continue till December 31.
"I hope this will speed up economic activities. We are also discussing more steps for the real estate sector," he added.
