The Gujarat government has announced a significant relief for homeowners. Chief Minister Bhupendra Patel decided to grant a reduction in the home transfer duty for poor and middle-class families. Under this new policy, 80% of the transfer duty amount will be waived for transfers done through society, associations, and non-trading corporations using allotment letters or share certificates. This means that only 20% of the duty will now be collected. The exemption will be provided under Section 9 (k) of the Gujarat Stamp Act 1958.
Due to provisions under the state’s revenue department, homeowners faced a financial burden when transferring names. With this new decision from the Chief Minister, only 20% of the original duty and any penalties will be collected. This will ease the financial pressure on homeowners who may otherwise face high penalties during such transfers. It is important to note that this exemption applies only to transfers made through allotment letters and share certificates issued by societies, associations, and non-trading corporations.
Historically, since 1960, transfers in housing societies in Gujarat were done based on share certificates rather than allotment letters. This practice followed the Gujarat Cooperative Housing Society Act of 1961, which recognised share certificates as valid documents for property transfers.
This policy change aims to make it easier for homeowners, especially those who may not have traditional documents but hold share certificates instead. By reducing the transfer duty, the government hopes to encourage more people to own homes without the fear of excessive financial penalties.
The reduction in transfer duty is expected to positively impact many families across Gujarat. It provides much-needed relief, especially to the economically weaker sections of society. The government believes this will also promote home ownership and improve the overall real estate market in the state.
People in Gujarat can now look forward to a smoother process when transferring property. The government’s focus on easing the financial burden reflects its commitment to supporting families and improving living conditions for its residents. Homeowners are encouraged to take advantage of this new policy to secure their properties without the previously high costs associated with transfers.
As the real estate market in Gujarat continues to grow, this initiative could lead to a more dynamic and accessible housing sector. The government has also stated that it will continue to monitor the situation and make necessary adjustments to support homeowners further.
In conclusion, the decision to reduce the home transfer duty is a significant step towards making property ownership more attainable for everyone in Gujarat. It aligns with the government’s vision of a more inclusive and supportive housing market, paving the way for future developments in the sector.
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