By Rohit Sharma
INDORE:
In move to boost real estate sector, on Thursday in a cabinet meeting chaired by Chief Minister Kamal Nath decided to reduce the collector guideline rates of property to 20% and to balance the loss, government decided to increase stamp duty from 7.3 percent to 9.5 percent in state and from 10.3 percent to 12.5 percent in urban areas.
The Council of Ministers decided that “For stipulating the wife or daughter as co-owner in the property, a stamp duty of Rs 1000 and registration fee would be subject to the maximum limit of Rs 100. At present, the stamp duty valued at one per cent and the registration fee is 0.8 per cent.”
In order to facilitate internal divisions in the family, the decision to reduce the current rate of stamp duty from 2.5 per cent to 0.5 per cent in the family division was also taken.
As of date, there are around 2065 registered with Madhya Pradesh Real Estate Regulatory Authority (MPRERA) and 106 unregistered projects, according to its official website.
Currently, the price of properties in MP starts from around Rs 1.51 lakhs while the average price of properties is Rs 59.65 lakhs.
In the meeting, administrative clearance for the Chhindwara Institute of Medical Sciences the government has approved Rs 1184.85 crores towards construction of 620-bed academic hospital building, 293-bed super speciality block, 200-bedded cardiac centre, and expansion of 680 in the first phase.
To create and expand hostel facility the meeting approved Rs 107.95 crores for opening 15 new hostels under college hostel scheme. In addition, sanctioned Rs 917.52 crores for the opening of 20 new senior hostels and 4 aspiration hostels in senior hostel scheme.
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