Govt proposal of steep hike in Stamp duty perturbs real estate developers

26 Mar 2012

Seeking to increase its kitty, the government has proposed a steep hike of 160 times in stamp duty for leave-and-licence agreements for residential and commercial properties. The government has proposed 0.1% stamp duty on the market value of the residential property, or 1% of the premium plus average annual rent (deposit) paid (whichever is higher) for up to 36 months.

For commercial lease agreements, the duty for 60 months would be 0.4% of the property value. The maximum stamp duty payable now for commercial premises is Rs 50,000 for 60 months and Rs 25,000 for 60 months for residential ones.

For individual leases between 36 and 60 months, the rate proposed is 0.2% of the market value of the residential property or 2% of the premium, plus average annual rent paid (whichever is higher).

Indiabulls Real Estate is currently trading at Rs 65.80, down by 2.55 points or 3.73% from its previous closing of Rs. 68.35 on the BSE. The scrip opened at Rs 67.95 and has touched a high and low of Rs 67.95 and Rs 65.25 respectively. So far 823069 shares were traded on the counter.

Oberoi Realty is currently trading at Rs 253.00, down by 2.95 points or 1.15 % from its previous closing of Rs 255.95 on the BSE. The scrip opened at Rs 254.50 and has touched a high and low of Rs 255.95 and Rs 250.00 respectively. So far 1359 shares were traded on the counter.

Housing Development & Infrastructure (HDIL) is currently trading at Rs 90.75, down by 4.75 points or 4.97% from its previous closing of Rs 95.50 on the BSE. The scrip opened at Rs 94.10 and has touched a high and low of Rs 95.40 and Rs 90.35 respectively. So far 2683720 shares were traded on the counter.

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