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.

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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