Over 80 Per Cent Prospective Customers To Buy Homes If States Cut Stamp Duty: Survey

Over 80 per cent prospective homebuyers may consider buying a house if stamp duty is lowered by states, according to a survey by realty portal Magicbricks. The company conducted a survey of around 1,500 people this month. "An overwhelming 83 per cent of the respondents feel that a cut in stamp duty would prompt them to buy a house, while 17 per cent feel that it would have no impact on their purchasing decision," Magicbricks said in a statement.

Property registration and stamp duty charges range between 5-9 per cent on an average across the country and add significantly to the overall cost of the property, it said. Sudhir Pai, CEO, Magicbricks said: "We have witnessed a 114 per cent rise in housing sales in Maharashtra during the period of stamp duty cuts, between September 2020 and March 2021. But ever since the expiry of the stamp duty period, we are seeing a dip in sales."

"With Work-For-Home emerging as the new normal, people are looking for bigger size houses with an extra room and hence the state governments should consider offering stamp duty holidays that would lessen the burden on homebuyers," he added. Magicbricks.com is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of the Times of India Group.

(PTI)