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Karnataka stamp duty cut a bold move, but more needs to be done: Experts

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The Karnataka government has cut stamp duty for apartments valued between Rs 35 lakh and 45 lakhs to 3 percent from 5 percent. The move, hailed by industry experts, is expected to propel more demand in the affordable housing space. Irfan Razack, CMD, Prestige Group, Pavitra Shankar, ED, Brigade Enterprises and Girish Kousgi, MD and CEO, Can Fin Homes discused.

The Karnataka government has cut stamp duty for apartments valued between Rs 35 lakh and 45 lakhs to 3 percent from 5 percent. The move, hailed by industry experts, is expected to propel more demand in the affordable housing space.
Speaking to CNBC-TV18, Irfan Razack, CMD, Prestige Group said that a lot of registrations that were pending would be done.
“Whatever has been done is a positive move, this will make homebuyers save money and will also make them come in to buy homes within their budgets,” Razack said.
However, he believes this is too little that has been done because Maharashtra did it one stroke, 50 percent stamp duty across all segments. “I wish Karnataka also has done that bold move,” he said.
Pavitra Shankar, ED, Brigade Enterprises is of the view that if the government really wants to make an impact, it has to increase the net and cast it wider and include properties above Rs 45 lakhs ideally upto Rs 1 crore.
“That is where the true demand for real estate market lies in Bangalore,” Shankar said.
Girish Kousgi, MD and CEO, Can Fin Homes said that the move will propel more demand in the affordable space.
“Directionally, both the central and state governments are doing enough to ensure that the growth comes back quickly. This move will definitely move companies, which are focused on affordable space,” Kousgi said.
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