Karnataka cuts stamp duty to 3% for apartment less than ₹20 lakh

Anil Urs Bengaluru | Updated on November 12, 2020 Published on November 12, 2020

JC Madhuswamy   -  Handout E Mail

Karnataka government has cut the stamp duty on houses costing less than ₹20 lakh to 3 per cent from 5 per cent.

The Cabinet today also cut stamp duty for registration of new industries under the new Industrial Policy to 3 per cent from 5 per cent.

JC Madhuswamy, Law and Parliamentary Affairs Minister, told reporters, “The decison to cut stamp duty is mainly to promote affordable housing.”

While presenting State Budget 2020-21 early this year, chief minister BS Yediyurappa had said “I propose to reduce stamp duty on first time registration of new flats or apartments costing less than ₹20 lakh.”

The State government is planning to mop up additional revenues with the Stamps and Registration Department setting an annual target of over ₹12,655 crore.

AI Research Park

The cabinet also cleared the proposal to set up Artificial Intelligence (AI) Research Park in association with the Indian Institute of Science (IISc), Bengaluru.

“For setting up the park, the government has decided to form a Section 8 company and has shortlisted the firm - 1up Robotics and Automation to formulate and set up the park,” Madhuswamy said. The state government has already earmarked ₹60 crore corpus fund for the next three years for setting up the park.

Mining exploration

Two public sector undertakings - KIOCL and MECL — have been asked to explore and identify potential iron ore mining in the State. According to Madhuswamy, a sum of ₹65.20 crore has been allocated for the survey.

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Published on November 12, 2020
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