Srinagar, Jan 5: Land is all set to become costlier in Kashmir after government hiked the stamp duty by 20 per cent for different categories.
The new stamp duty, which has come into effect from January 1, has been approved after district valuation committees submitted the list of revised rates to the government.
Sources said the new stamp duty was fixed after taking into consideration nature, type and location of the land.
“There will be different stamp duties for irrigated, un-irrigated, residential, commercial and roadside lands. Proximity to the road or inner areas has been taken into consideration while fixing the rates,” an official of Revenue Department said.
Official document accessed by The Kashmir Monitor reveals that the government has approved hike in stamp duty up to 20 percent for different categories of land across the valley.
Sources said in Srinagar district, stamp duty has been hiked by 10 to 20 percent depending on the category of land. In Anantnag district, authorities have approved five to seven per cent increase. While in neighboring district Pulwama, there will be two to 10 per cent hike.
“At least 10 per cent hike has been approved for the land situated alongside 15 meters of National Highway,” the document says.
There will be six, seven and five percent hike in stamp duty for residential, commercial and agriculture land respectively in Kulgam district. The stamp duty has been increased by five to 10 per cent for land in Baramulla and Shopian districts.
As per revised rates, there will five per cent increase in stamp duty for land in Budgam district. The lowest increase of two to three per cent has been made in Ganderbal district.
Divisional Commissioner Kashmir Baseer Ahmad Khan has directed officials that increased rates should not hinder the acquisition process in their respective districts.
“The evaluation committees revised rates after accessing the real value of the property and to overcome the quantum of stamp duty losses. The hike has also been made taking into consideration the importance of fixing prevalent rates to avoid ambiguity in the market rates and to generate income for the government,” an official at Divisional Commissioner Kashmir office said.