Bonanza for buyers of real estate

Ad-valorem stamp duty on buying of real estate assets in Housing Sector in the UT of Jammu and Kashmir shall now have to be paid as much as half as decided recently by the Administrative Council to provide monetary relief to prospective buyers but for the first time and that too, for two years only. This decision is set to give boost to the Housing sector which engages lot many people for earning their livelihood as otherwise the same is still reeling under a strain due to the COVID pandemic impact as also expected to experience longer lasting effects of the pandemic. So, to provide some push to it generating demand, such governmental intervention by way of approving remissions and concessions would go a long way, though in a limited way, in breaking the cycle of recession. The decision was also going to motivate the new buyers to enter the real estate market with some measure of enthusiasm. Purchase and sale of property shall, therefore, get a momentum and make allied deals attractive and affordable. What further needs to be done in this regard is a smooth implementation which the concerned UT Department must ensure so that the desired objectives could be achieved.