The UP Government has authorised a proposal to increase the 1% stamp duty exemption for women buyers if they buy properties up to ₹1 crore.
Earlier, this exemption, capped at ₹10,000, relevant for homes valued as much as ₹10 lakh. With the revised limit, women buyers can now avail up to ₹1 lakh in stamp duty rebate.
UP Government ensure financial safety of women
Real estate experts have welcomed the change, noting that it offers more financial safety to women and have chances to boost interest in the mid-range housing section throughout towns. “This step also encourage more consumers to buy homes under women’s names,” a source said.
However, some accept as much as ₹1 crore cap remains restrictive, specifically in high-cost markets like Noida and its surrounding areas. They argue that increasing the limit to ₹2.5 crore or removing it altogether have made the more meaningful.
A decision on this matter taken at a Cabinet meeting chaired by CM Yogi Adityanath at Lok Bhavan in Lucknow on July 22, the UP government said. Till now, this exemption was most effective on properties as much as ₹10 lakh in the state, wherein a relief of ₹10,000 are available. But now the government has elevated this exemption to properties up to ₹1 crore.
Supports women through Mission Shakti programme
A PTI report quoted UP’s Labour Minister Anil Rajbhar as saying that the government believes this decision will help middle class women was property proprietors, with a aim to not only increase their confidence but become financially successful and respected in the society. This exemption beef up the Mission Shakti programme, under which women made self-reliant and empowered, he said.
In Budget 2024, the UP Government had also mentioned reducing the stamp responsibility on deeds completed in favour of women. This decision of the Uttar Pradesh government taken into consideration as a step in the same course. There is a possibility of a large growth in the registration of property in the name of women, the statement said.
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