Srinagar, Apr 21: Around two months after Administrative Council (AC) approved the remission in stamp duty for first-time property in J&K,  the government on Thursday issued formal order in this regard.

“In exercise of the powers conferred by clause (a) of section 9 of the Stamps Act,Svt.1977 (XL of 1977), the Government hereby directs that there shall be remission of fifty percent (50%) of duty chargeable under the sid Act for first time buyers/lessees on purchase/lease of more than 20 years of immovable residential property viz residential apartment/ house or a residential plot, from an agency of the Government Le Development Authority, Housing Board, Municipality or from the developer of a project approved by the Real Estate Regulatory Authority, subject to the conditions that the value of the property does not exceed Rs. 1 crore and the quantum of land involved in case of a residential plot or house built up on a residential plot does not exceed 1 kanal,” reads a notification issued by Additional Chief Secretary, Finance, Atal Dulloo.

“The Housing and Urban Development Department shall designate a Nodal Agency who shall be responsible for collection of Adhar based data of first time buyers of the above mentioned purchases from Development Authorities, Municipalities and Housing Boards including developers of Real Estate Regulatory Authority approved projects and for issuance of entitlement certificates for claim of 50% remission of stamp duty under this scheme,” the notification reads

“This notification shall come into force with effect from 21st April, 2022 and shall remain in force till 31-3-2024,” it further added.

Earlier on 25 Feb this year, the Administrative Council (AC), which met under the chairmanship of Lieutenant Governor Manoj Sinha, had approved the remission in stamp duty for first-time property buyers.