Karnataka Reduces Stamp Duty On Apartments To 3%

On Monday, Karnataka Chief Minister announced lowering in of stamp duty for apartments costing between Rs. 35 lakh to Rs. 45 lakh to 3% from 5%. The announcement was made while the Karnataka Budget for the fiscal year 2021-22 was announced in the State legislature by CM Yediyurappa, who heads the finance ministry.

Karnataka Reduces Stamp Duty On Apartments To 3%

Also, in the budget speech, Yediyurappa said that the Gross State Domestic Product (GSDP) has declined 2.6 percent compared to 2019-20 fiscal due to lockdown induced by COVID-19.

"The Agriculture sector grew by 6.4 percent, while Services and industry sector saw a contraction of 3.1 percent and 5.1 percent," Yediyurappa said.

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