After Maharashtra, Punjab is set to stall real estate growth in the state by levying social infrastructure cess on property transactions. Punjab's real estate market is already going through a slowdown for last over 10 months.
"The imposition of (social infrastructure) cess is not a right move by the Punjab government as it will further aggravate realty's woes," Confederation of Estate Developers' Associations of India (CREDAI), Chairman (Punjab), Anil Chopra told PTI today.
Punjab cabinet yesterday decided to levy social infrastructure cess for health and education at a rate of 1 per cent on property transactions, besides raising the ceiling of registration fee from Rs 30,000 to Rs 2 lakh. The Punjab government would fetch additional revenue of Rs. 480 crore by the introduction of these proposals.
The move is being strongly opposed by developers in the state as the Punjab government had hiked the collector rates manifold in April this year also in a bid to raise its revenue. Not only has this Punjab levied stamp duty at a rate of 6 per cent in rural and 8 per cent in urban areas. Source: ET.
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