Tamil Nadu Government Slashes Stamp Duty Charges: A Boon for Homebuyers
Tamil Nadu Government Slashes Stamp Duty Charges: A Boon for Homebuyers The Indian real estate sector has been witnessing a steady rise in demand, especially in the post-COVID era. With the advent of remote working, people are seeking more spacious and comfortable homes. However, the high cost of buying a property and the added burden of taxes has been a major deterrent for many homebuyers. In a welcome move, the Tamil Nadu government recently announced a reduction in stamp duty charges from 4% to 2%, effective from April 1st, 2021. This reduction is expected to boost the real estate sector and benefit homebuyers in several ways. What is Stamp Duty? Stamp duty is a tax levied on the purchase or transfer of property. It is a state subject and the rates vary from state to state. In Tamil Nadu, the stamp duty was previously 4% of the property value, which was a significant amount for homebuyers to bear. How Will the Reduction in Stamp Duty Benefit Homebuyers? Reduced Burden on