Prices go through the roof: Stamp duty on land hiked up to 20%
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
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.
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
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
Commissioner Kashmir Baseer Ahmad Khan has directed officials that increased
rates should not hinder the acquisition process in their respective districts.
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.