Builders’ body urges govt to reduce stamp duty, registration charge

While addressing the press in the city, R Prakash, state chairman of the association, said the construction industry is not moving up and buyers have postponed their plan to buy properties owing to COVID-19 pandemic. “Stamp duty and registration charges in Tamil Nadu is highest in comparison to other states. It is a huge burden to the buyers as they have to pay 11 per cent stamp duty and registration charges, “ he added.

He pointed out that the governments of Maharashtra and Karnataka had reduced the stamp duty and registration charges for all properties from 5 per cent to 3 per cent in a bid to boost the realty sector. “We request the Tamil Nadu government to reduce the stamp duty and registration charges to 4 per cent, similar to Maharashtra and Karnataka. Meanwhile, the association also pointed out that the cost of steel has increased by 80 per cent and the cost of cement has increased by 50 per cent.

“If the steel and cement prices are not brought to the original level, the Builders’ Association of India will be forced to protest. The State and central governments have not cleared bills of the contractors for more than six months, “ Prakash added. The association also demanded the electricity board to withdraw the government notification that mandates payment of Rs 5 lakh for new electricity connection for every house as the construction industry and consumers suffer due to the move.