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Karnataka Considers Ordinance to Reduce Stamp Duty from 5% to 2%
Published : November 25, 2020, 4:36 PM
Updated : June 24, 2025, 9:43 AM
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November 25, 2020: In a bid to give a fillip to the realty sector and attract more investments, Karnataka promulgated an ordinance to reduce stamp duty on land acquired for setting up industries from five per cent to two per cent for land costing up to Rs 20 lakh and cut from five per cent to three per cent on properties costing above Rs 21 lakh.
The ordinance allows the Karnataka to reduce or remove the stamp duty payable on any instruments executed by new or existing micro, small, medium enterprises (MSME), large, mega, ultra, super mega enterprises including modernization and diversification in respect to any project that comes under Karnataka Industrial policy - 2020-25.
Karnataka came under a lot of pressure after the neighbouring Maharashtra government reduced stamp duty in August. After Maharashtra's decision, trade bodies like Federation of Karnataka Chambers of Commerce and Industry (FKCCI), submitted a memorandum in August.
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FKCCI had claimed that reduction of stamp duty on the lines Maharshtra would not only bootstrap realty sector but also attract more investments. To know more about stamp duty, click here.
According to the FKCCI's data that was submitted in August to the government, nearly 88,450 flats were ready for registration prior to imposition of lockdown. About 8,000 flats were registered after the lockdown was lifted in a phased manner.
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