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Tamil Nadu's draft housing policy wants cut in stamp duty
ET Realty  |  May 31, 2019

Yogesh Kabirdoss Chennai

In the draft policy, the consultant has suggested that the state could decrease the existing stamp duty from 11% to 7% in a bid to make dwelling units more affordable.

 

Tamil Nadu’s first Urban Housing and Habitat Policy has suggested reduction of steep stamp duties to make dwelling units affordable. At present, the state has the highest collective stamp duty and registration fee in the country at 11%.

 

In the draft policy, the consultant has suggested that the state could decrease the existing stamp duty from 11% to 7% in a bid to make dwelling units more affordable. It further recommended discounts on properties that are registered jointly or exclusively in the name of women. Following criticism from multiple corners, the state government revised the guideline value by 33% but increased the registration fee by 3% matching the revenue to its exchequer.

 

The draft policy prepared by an international agency looks at a range of issues related to land and infrastructure availability, planning, housing finance, housing project development, providing access to structurally safe dwelling units for each household in the state. As per the draft policy, emphasis has been given to special housing schemes such as hostels and 1 BHK units for single working women to be promoted and developed near IT parks and industrial zones. Women should be involved at all stages from planning, designing, constructions and maintenance of housing projects particularly in SHG and slum upgradation projects, it said.

 

The policy is aligned to create enabling solutions to bridge the demand-supply gap of both housing and habitat infrastructure through various measures including increasing the supply of land, develop housing at affordable prices, rental housing for migrants and special category and enabling marker for housing finance.

 

“Government shall create GIS-based land bank for affordable housing with detailed inventory of the land parcels including all spatial, ownership and infrastructure attributes. The land bank shall include land belonging to both the state and central government,” the draft policy said. Under-utilised inner city land parcels owned by central and state governments shall be identified for redevelopment and affordable housing projects, it added.

 

The draft stressed the need for a township policy that aims at self-sustainable township development by leveraging private investment and ensuring government’s role as a facilitator and regulator. “The state shall encourage development of special retirement homes to provide housing for senior citizens,” the draft said.

 

When contacted, a senior housing and urban development official said the draft was yet to be finalised. “More changes are possible in the draft policy,” the official said.