PHDCCI pitches for reducing stamp duty on completed flats

Industry body PHDCCI on Friday said stamp duty on completed flats should be reduced or waived for the next one year to boost demand in the real estate sector that has been affected by the lockdown.

"It is suggested that stamp duty and registration charges on completed flats for a period of say 1 year should be reduced /waived off," PHDCCI said in a statement.

This will be a huge fillip to not just the real estate sector but will also stimulate demand in core industries like cement and steel, it added.

"The RBI move will lower interest rates, but sentiment needs to be improved for home buying to be kick started," PHDCCI said.

It also said a central advisory should be issued to RERA authorities for extension of timeline for completion of projects.

"Developers who have applied for part or partial project competition must be given the completion certificate," the chamber said.