SRINAGAR: In a remarkable move, the Administrative Council (AC), which met under the chairmanship of Lieutenant Governor, Manoj Sinha, approved the remission of fifty percent (50%) stamp duty for all first time buyers of real estate in the housing sector for a period of two years.
Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting.
The decision is aimed at giving a boost to the real-estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market. It is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable.
The Administrative Council also asked the Housing and Urban Development Department to work out the modalities for smooth implementation of the decision at the earliest.
Earlier, in line with its commitment to attract investment, promote the infusion of technology, and create employment opportunities in the real estate sector, the Government hosted the first-ever Real Estate Summit in J&K, wherein several promoters in residential/retail/commercial space, film & entertainment industry, tourism & hospitality, logistics & warehousing, and financing institutions, participated, and shared their wisdom for the collective vision of the growth of the sector in Jammu & Kashmir.