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Budget 2021: Govt Could Consider Providing Incentives To States To Reduce Stamp Duty Rates On Property Purchase

Budget 2021: Govt could consider providing incentives to states to reduce stamp duty rates on property purchase In order to meet the Government’s aim of Housing for All, the tax holiday under section 80IBA of the Act should be extended to projects approved up to March 31, 2023. Over the past few years, the real estate sector has been experiencing a significant slowdown, especially in the residential segment. Just when the sector was beginning to show signs of recovery in the early part of 2020, the COVID-19 pandemic struck that resulted in a slowdown in the sector. Only commercial real estate has been to weather the storm. Residential, malls, and hospitality have been significantly impacted, while the residential sector has shown some signs of recovery. Since the lockdown was lifted, states such as Maharashtra announced a welcome reduction in stamp duty and premiums, giving the residential sector a boost.

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