Real estate purchase: Stamp duty halved for all first time buyers for two years
Administrative approval provided for construction works related to women battalions
JAMMU: In a remarkable move, the Administrative Council (AC), which met under the chairmanship of Lieutenant Governor, Manoj Sinha, approved the remission of fifty percent (50%) stamp duty for all first time buyers of real estate in the housing sector for a period of two years, an official spokesman said Friday.
The decision is aimed at giving a boost to the real-estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market. It is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable.
The Administrative Council also asked the Housing and Urban Development Department to work out the modalities for smooth implementation of the decision at the earliest.
Earlier, in line with its commitment to attract investment, promote infusion of technology, and create employment opportunities in the real estate sector, the Government hosted the first-ever Real Estate Summit in J&K, wherein several promoters in residential/retail/commercial space, film and entertainment industry, tourism and hospitality, logistics and warehousing, and financing institutions, participated, and shared their wisdom for the collective vision of the growth of the sector in Jammu & Kashmir.
In another decision the AC accorded administrative approval to the construction works for women battalions at Sopore, Baramulla and Pargalta, Jammu.
The construction works will be carried out at an estimated cost of Rs. 50 crore each and will include administration blocks, residential accommodations and hostels, and office buildings among others. The works will be completed in three working seasons.
Earlier, to check the rise in crime against women, the Government had raised two women battalions by sanctioning 2014 posts for recruiting women officers and officials on various ranks. The recruitment of these posts is currently underway.
The AC also declared the Industrial Estate at Seen, Thakran, Udhampur as women industrial estate.
In a first-of-its-kind decision, the Administrative Council declared the Industrial Estate at Seen, Thakran, Udhampur as reserved for women entrepreneurs and women-led industries.
The decision will benefit women entrepreneurs and industrialists as any business enterprise having a minimum of 51% stake held by a woman entrepreneur shall qualify to apply for allotment in reserved Industrial Estate.
Moreover, under the new J&K Industrial Land Allotment Policy, the eligible women entrepreneurs will be allotted suitable parcels of land through a transparent single-window mechanism in a time-bound manner.
Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr. Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting, the spokesman added.